Dogecoin And Shiba Inu Face Rising Bearish Threat: Will DOGE And SHIB Price Lose Momentum?
Release: 2024/07/10 04:29 Reading: 724
Dogecoin and Shiba Inu Face Rising Bearish Pressure: Will DOGE and SHIB Lose Momentum?
Following the recent market downturn that pushed Bitcoin to a low of $53,000, meme coins experienced a relatively muted impact. However, over the past seven days, the meme coin market cap has witnessed a significant decline. This has resulted in dwindling interest from whales in prominent meme coins like Shiba Inu and Dogecoin, potentially threatening their buying dominance.
SHIB and DOGE Prices Challenge Buyers
In the past 24 hours, significant liquidations have been triggered for Shiba Inu and Dogecoin by traders on both sides. Dogecoin faced a total liquidation of approximately $710,000, with short positions accounting for $400,000. Shiba Inu, meanwhile, saw a total liquidation of $216,000, with long positions contributing $122,000. These movements have caused increased volatility in the prices of both SHIB and DOGE.
Declining Whale Activity
According to IntoTheBlock data, there has been a notable decline in whale activity for both Dogecoin and Shiba Inu. Dogecoin's large transaction count dropped from 1,210 to 788, while Shiba Inu's large transactions plummeted from 199 to 84. This diminishing interest from whales has weakened market sentiment for DOGE and SHIB, amplifying selling confidence that could escalate in the coming hours.
Dogecoin Price Analysis
Dogecoin's recent rally failed to reach the critical $0.12 breakdown level, indicating that bears are actively selling off at the slightest price increase. However, buyers aim to surge above the immediate Fibonacci channel. At the time of writing, DOGE trades at $0.107, marking a decline of over 0.2% in the last 24 hours.
Bulls are likely to defend the $0.10 to $0.08 price range, as a breach of this zone could send the DOGE/USDT pair tumbling to $0.06. A further drop could substantially delay the next rally. If the price recovers from its current position, bears are expected to resist upward movement at $0.12. However, if buyers overcome this resistance, the pair could advance towards the 50-day SMA at $0.14, signaling a potential shift in the short-term trend.
Shiba Inu Price Analysis
Shiba Inu recently climbed above its bearish pattern and attempted to surge above $0.0000177. However, sellers fiercely defended the level, proving that sustaining this momentum has been challenging for the bulls. At the time of writing, SHIB trades at $0.00001637, showing a modest increase of 0.06% over the last 24 hours.
Bears are now striving to pull the price back into the bearish zone. Should they succeed, it would suggest that the recent surge may have been misleading, potentially trapping the price around $0.000012 for an extended period. Conversely, if the price rebounds from its current position and breaks past $0.000019, it would indicate buying interest at lower levels. Such a move could propel the SHIB/USDT pair towards $0.000030.
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