Dogecoin & Shiba Inu Price Losing the Momentum: Here is What’s Next for These Memecoins!
Release: 2024/07/18 16:10 Reading: 923
The post Dogecoin & Shiba Inu Price Losing Momentum: What's Next for These Memecoins? appeared first on Coinpedia Fintech News
After a recent upswing, the major tokens are consolidating their gains, leading to a passive market. However, the prices of popular memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) are bucking the trend.
Dogecoin (DOGE) Price Analysis
Dogecoin rebounded from its crucial support at $0.1, signaling a potential new uptrend. However, the price failed to break through resistance at $0.127, raising concerns about the next move. Currently, DOGE faces upward pressure, suggesting potential bearish action.
If DOGE fails to hold support at $0.1, a further decline may follow. This could be a similar scenario to the 20% pullback witnessed in mid-June. The RSI and DMI indicators also suggest bearish momentum.
Shiba Inu (SHIB) Price Analysis
SHIB has struggled to gain momentum, forming lower highs and lows. This bearish influence could lead to a 40% pullback in the coming days. If bulls can hold lower support, a rebound may occur, but its intensity is uncertain.
SHIB has been trading within a descending channel, and bears have prevented it from testing upper resistance. The MACD and RSI indicators suggest a decline in selling volume and potential bearish divergence. SHIB is likely to test the channel's lower support at $0.0001. However, if bulls hold the channel's average band at $0.0001630, the bearish trend may be temporarily stalled.
Overall, SHIB remains under bearish influence, and the lower target appears likely.
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