Shiba Inu And Dogecoin Prices Face a Rising Bearish Threat: Can Bulls Defend Support Levels?
Release: 2024/04/27 02:52 Reading: 685
Shiba Inu and Dogecoin Prices Face Rising Bearish Threat: Can Bulls Defend Support Levels?
Coinpedia Fintech News
Dogecoin and Shiba Inu have exhibited fluctuating performance over the past few days. However, analysts remain bullish about their upcoming trend, citing fundamental developments.
Fundamental Factors Supporting SHIB and DOGE
Recent significant transactions in Dogecoin have garnered attention, with two transfers exceeding 228 million DOGE each (totaling $68.7 million) from an unknown wallet to Coinbase. src="/uploads/20240427/1714160165662c0225a3a47.png">
These transactions could signal impending developments, potentially a new listing for DOGE futures on Coinbase.
Shiba Inu has announced an upcoming upgrade for Shibarium, scheduled for May 2. This upgrade aims to enhance the user experience by optimizing block processing times and transaction fee predictability, making the platform more user-friendly and cost-effective.
Institutional investment in meme coins is on the rise, as evidenced by Symbolic Capital Partners adding Shiba Inu to their portfolio. It now constitutes 2% of their total assets, valued at $1.7 million out of $86 million (according to Arkham Intelligence data). This trend indicates growing interest from institutional investors, potentially leading to higher market valuations over time.
These fundamental developments may contribute to SHIB and DOGE prices triggering a buying momentum above their support lines.
Dogecoin (DOGE) Price Analysis
Dogecoin price has faced resistance in exceeding the immediate resistance channel, leading to consolidation around $0.15. However, buyers continue to defend support levels, indicating potential for a recovery. As of writing, DOGE trades at $0.15, down over 1.1% in the last 24 hours. src="/uploads/20240427/1714160165662c0225a3a47.png">
Buyers are encountering difficulty pushing the price beyond the resistance area defined by the 200-day EMA and the downtrend line. Further decline could lead to a drop towards $0.13.
Conversely, if buyers can break through this resistance area, it could signal the end of the correction phase. The pair may then target $0.21, where sellers are likely to mount a strong defense.
Shiba Inu (SHIB) Price Analysis
Shiba Inu has made multiple attempts to break the descending resistance line, but sellers have held firm. As a result, a retest of the weekly lows may be imminent to establish a clear trend. Currently, SHIB trades at $0.000025, down over 1% in the last 24 hours. src="/uploads/20240427/1714160165662c0225a3a47.png">
A breakout of the trend line would indicate the end of the corrective phase, potentially propelling the SHIB/USDT pair towards $0.000033, followed by an attempt to reach the strong resistance at $0.000039.
On the other hand, a sharp decline and break below $0.000024 could suggest liquidation near peaks. This scenario could see the pair falling towards $0.000020.
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