After successfully concluding the Q1 of 2024 on a positive note, the top 10 memecoins have displayed increased selling pressure since the month started, highlighting a strong bearish reversal in the cryptocurrency industry for the memecoin category.
The leader of memecoins, Dogecoin, has recorded a correction of approximately 10% over the past seven days, following which the price of Shiba Inu displayed a similar trend by recording a loss of over 13% in valuation during this time.
The DOGE price traded in a consolidated range between $0.146 and $0.188 for about two weeks, following which the bulls lost momentum and recorded a correction of over 35% in valuation. However, the bulls held the price above the support level of $0.122, resulting in a bounce back in the chart.
As the market volatility grew, the bulls jumped 86% before facing rejection at $0.227, after which it traded sideways for a while. After multiple rejections to break out of its resistance, the bulls lost momentum, and since then, the price has been trading under a bearish influence.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating weak buying and selling pressure in the crypto industry. Moreover, the averages hint at a high potential for bullish convergence, highlighting a mixed sentiment for the memecoin.
If the market holds the price above the support level of $0.169, the bulls will regain momentum and prepare to test its upper resistance level of $0.206 during the upcoming week. Conversely, if the bears continue to hold power over the bulls, the price will continue bleeding and fall to test its low of $0.146.
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The Shiba Inu price displayed significant price volatility by trading between $0.000030 and $0.000036 for a brief period, after which the bulls failed to hold the price above the support level, resulting in the SHIB price breaking down and recording a correction of 21% in valuation.
After testing its low of $0.0000237, the bulls regained momentum and added approximately 40% before facing rejection at the resistance level of $0.0000330. Since then, the price has been trading under a bearish influence and is hovering close to its level of $0.0000270.
The technical indicator, MACD, shows a constant flatline in the chart, highlighting weak buying and selling pressure for the memecoin in the crypto market. Further, the averages show a neutral trend, highlighting uncertainty for Shiba Inu price action during the upcoming week.
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If the market pushes the price above the resistance level of $0.0000270, the bulls will regain momentum and prepare to test its upper resistance level of $0.0000330 in the coming time. However, if the bulls fail to regain momentum, the SHIB price will fall to test its low of $0.000020 this month.
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