The crypto markets are witnessing frequent pullbacks or extreme sell-offs nowadays. Well, it’s pretty hard to predict whether these pullbacks are pre-programmed or no but they are good for a healthy uptrend. But whenever these dips occur, the meme coins could be a good choice to short. As considering the returns, Dogecoin(DOGE) price & Shiba Inu(SHIB) price both have recorded the highest gains since the beginning of 2021.
Dogecoin(DOGE) Price To Consolidate More Before Next Leg Up!
Dogecoin price initiated the 2021 spike as most of the altcoins ranged high huge profits from DOGE was supposed to have flown into other altcoins. And hence other assets surged high marking the beginning of altseason. Further with multiple series of events, the DOGE price experienced extreme drain and restricted it to trend within a narrow range.
The asset attempted multiple times to break through the narrow range but woefully, the resistance levels began to demote. On the other hand, the rally also maintained an ascending trend as the support levels kept on elevated. And hence to break through these levels, the asset could trend within this consolidation for some more time before marking a substantial breakout.
Shiba Inu (SHIB) Price Eyes A 25% Upswing
Shiba Inu has lost a major chunk of volume in the last 10 days and hence compelling the asset to trend within a very narrow range. No doubt a the SHIB price attempted a couple of times to break the consolidation but failed to do so. But the fresh drop that extracted more than 10% of the global crypto market cap, also shed more than 15% of SHIB gains. The price in the current trading month declined below $0.00005000 multiple times, yet recovered in no time. And hence, currently, it’s attempting to do so.
Woefully, the SHIB price is maintaining a descending trend ever since it smashed its highs above $0.00008500. Despite multiple attempts to regain these positions, the meme token just failed. However, visualizing the price charts, it can be noticed that the asset is accumulating healthily before trying to break the consolidation. And hence keeping the hopes for a notable uptrend alive.
Currently, the price as mentioned before is well in place amid healthy correction and consolidation. The asset could recover today’s losses quickly and attempt to range towards the next resistance levels close to $0.00006000. The flip side may drag the price towards the support zone just below $0.00004500.
Collectively, the meme coins are also getting the traders attention all along with the sell-offs. However, the tokens do recover from their loss quickly as the traditional cryptos or popular DeFi tokens. As it’s witnessed with the Dogecoin(DOGE) price or Shiba Inu(SHIB) price. Both refuse to revisit the lower support levels and attempt to smash the immediate resistance levels at the earliest. Therefore, shorting these amid the bear market may incur a very short-term return.