DOGE And SHIB Price Hint At A Bearish Run Amid Increased Volatility! What’s Next?
Release: 2024/05/13 20:29 Reading: 885
DOGE and SHIB Price Hint at Bearish Run Amid Increased Volatility! What's Next?
Source: Coinpedia Fintech News
With Bitcoin, the market leader, teetering near its critical support level at $60K, memecoins have exhibited a pronounced bearish trend over the past week.
Memecoin leaders Dogecoin and Shiba Inu have registered corrections of 11.69% and 6.99%, respectively, in their portfolios over the past seven days, indicating a pessimistic outlook for these tokens in the near future.
Will memecoins experience a bullish rebound amid heightened price volatility in the crypto industry?
Dogecoin Records a Bearish Convergence:
Despite increased price volatility in the cryptocurrency market, Dogecoin continues to trade within a narrow range between $0.128 and $0.155, indicating waning investor interest. The EMA 50-day serves as a resistance to the price chart, suggesting uncertainty in its price action.
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TradingView: DOGE/USDT
Dogecoin has experienced a 0.10% correction in the past day, with a trading volume of $889.89 million over the same period, a 49.56% increase.
The Moving Average Convergence Divergence (MACD) shows a consistent decline in the histogram, highlighting increased selling pressure. The averages display a bearish convergence in the 1D time frame, indicating a pessimistic outlook.
If the market regains momentum, the bulls will aim to test the resistance level of $0.155 by the upcoming weekend. Conversely, if the bears maintain dominance, DOGE will plunge towards its crucial support level of $0.128.
Shiba Inu Price Approaches Important Resistance Level:
Shiba Inu, the second largest memecoin by market cap, has hovered near its critical resistance/support level of $0.00002375 since the beginning of the month, reflecting weak buying and selling pressure.
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TradingView: SHIB/USDT
SHIB has recorded a 4.12% surge in the past day, indicating growing investor interest. The SMA suggests a possible bullish convergence, hinting at a potential upward price movement this week.
The MACD shows a flatline, suggesting weak price action. The averages indicate a neutral trend, creating uncertainty in future price action.
If the market pushes SHIB above the resistance level of $0.00002375, the bulls will gain momentum and prepare to test the upper resistance level of $0.000030 this month. Failure to regain power could result in a drop towards the support level of $0.0000170.
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