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MEME Coins Shed Gains, Dogecoin and Shiba Inu Price Thrive To Sustain Uptrend

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Highlights

    Dogecoin price yet again initiates with a downtrend after a considerable jump from the descending channel

    Shiba Inu price also follows the market trend and rose notably, yet currently showcasing a possibility of a negative movement

The global market capitalization experienced a serious drain after losing $1.3 trillion levels. The fresh surge of nearly 2% carried the market cap to previous levels. Along with Bitcoin price, Dogecoin price and Shiba Inu price also experience a notable jump. Yet some amount of selling appears to have mounted the DOGE price and SHIB price.

Dogecoin Price Could Lose Another 7% to 8%

The most popular meme token, Dogecoin has already plunged more than 80% since it registered its peak. It is still more than 4000% up from the point it initiated its trade in 2021. The DOGE price went completely parabolic but inversely, however, the recent surge had escorted the price close to $0.21. But the price fell in no time and could also shed more if continue with a downtrend. 

Dogecoin price successfully broke the upper levels of the descending channel and ranged high. However, the constant sell-off could drag the price back into the channel and eventually compel to revisit the lower support levels around $0.176.

dogeprice

The 50-day MA levels are currently residing at $0.181 which becomes the levels that need to be maintained strongly. Else if these levels switch to resistance, then a considerable downtrend could hinder the uptrend. 

Shiba Inu Price Could Visit Lower Levels

The most know meme coin that is also popularly known as ‘Dogecoin Killer’, followed the market trends and surged notably. Yet the rally appeared to be short-lived and entered consolidation within no time. The recent B-Word Event, no doubt could not directly impact the SHIB price, yet the bullish market assisted the price to move towards the north.

shibchart

The price from the past couple of months is trending within a narrow range. Where-in the upper resistance is not broken either the lower support levels are breached. Moreover, the price has formed an inverse cup and handle pattern which signifies a bearish trend. Therefore there are more possibilities for the SHIB price to revisit the lower levels around $0.0000055.

In case the Dogecoin price and Shiba Inu price want to reverse the downtrend, then the bulls are required to uplift the price. The SHIB price needs to hit the immediate resistance levels above $0.00000747 and the DOGE price should maintain above $0.2 strongly.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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