Is This A Crucial Time To Hold DOGE And SHIB As Bearish Threats Intensify?
Release: 2024/08/27 19:37 Reading: 573
Is Now the Time to Hold DOGE and SHIB Amid Bearish Pressures?
Recent market fluctuations have witnessed a surge in meme tokens, with DOGE and SHIB experiencing remarkable gains. However, this week has brought a bearish shift in their price action, leaving investors speculating about their future.
Dogecoin (DOGE)
DOGE has seen a 4.84% decline over the past 24 hours, with a 23.97% drop over the past month. The 50-day EMA poses resistance, while the RSI indicator indicates increasing sell pressure.
- Bullish Scenario: If DOGE holds above $0.1010, it may retest $0.127 in the upcoming weeks.
- Bearish Scenario: A downward trend could drive DOGE to its $0.0780 low.
Shiba Inu (SHIB)
SHIB has also endured a 4.56% drop over the past day, despite a 3.83% weekly gain. It has shed 15.16% of its value in the past month.
- MACD Indicator: The declining green histogram and flatline averages suggest a negative outlook.
- SMA Indicator: Indicates a potential bearish crossover, further supporting a negative trend.
- Bullish Scenario: A reversal could see SHIB test $0.0000170.
- Bearish Scenario: Bears gaining dominance could lead SHIB towards its $0.00001175 support level.
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