After the recent rally, bulls have become somewhat passive as major coins are consolidating around gains. Meanwhile, the prices of popular memecoins like Dogecoin and Shiba Inu are rising against the trend. Will they maintain the bearish momentum throughout the day or will they spark a healthy rebound after hitting local lows?
Dogecoin (DOGE) Price Analysis
Dogecoin rebounded from the critical support level of $0.1, which rekindled hopes for a new uptrend. However, the price failed to hold the local high of $0.127, raising concerns about the next price move. The coin is facing extreme upward pressure, indicating that more bearish actions may occur.
After failing to hold $0.22, DOGE price might not be able to hold the $0.1 support level in the coming days. In the second half of June, the price consolidated below the $0.1274 resistance level, which resulted in a 20% correction. A similar situation is occurring currently, so similar results might be seen in the future. The RSI is showing a bearish divergence, while the DMI has also experienced a bearish crossover and the ADX has also fallen sharply.
Therefore, Dogecoin price might test the $0.1 support level and if the bulls sink it, a further downtrend is likely.
Shiba Inu (SHIB) Price Analysis
Shiba Inu price has failed to gain the required momentum as the price keeps forming lower highs and lower lows. This shows that the price has been under a huge bearish influence, which could result in a 40% correction in the next 7 to 10 days. However, if the bulls manage to hold the lower support, then SHIB price might rebound again but the strength is likely to be limited.
SHIB price has been operating inside a descending parallel channel, and the bears conquered the bounce before testing the overhead resistance. Currently, the MACD indicates a declining selling volume, while the RSI shows a bearish divergence. Therefore, SHIB price seems vulnerable to touching the lower support of the channel at $0.0001. However, if the bulls manage to hold the average band of the channel at $0.0001630, the bearish trajectory might diverge.
As a result, the price of Shiba Inu (SHIB) continues to experience bearish influence and lower targets therefore appear to have been activated.
(Personal opinion, not a recommendation)
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