The cross-border market has seen a strong bearish action with major cryptocurrencies recording double-digit declines. Moreover, the memecoin category has been the most affected with a 11.48% decrease in the valuation of this segment. Subsequently, both Dogecoin and Shiba Inu secured a spot in the top losers list.
Considering the current market situation, investors are interested in questions such as “Is this the right time to invest in memecoins?” and “Will Dogecoin ever recover?” In this article, we will provide the latest insights on the market, price analysis, and feasible price targets.
Dogecoin (DOGE)
The price of DOGE has experienced a strong bearish reversal at the important resistance level of $0.3850. This has caused the coin to record a decrease of 10.83% in 24 hours with a trading volume of $5.458 billion. However, with a market capitalization of over $51 billion, this coin still retains its 7th position.
The Relative Strength Index (RSI) shows a strong decline with its average trend line having negative convergence. However, with the 50-day EMA acting as support, the price of DOGE shows mixed price action.
If the buyers regain momentum, the price of Dogecoin will test the resistance level of $0.385 this week. Conversely, if the sellers pull down the buyers, this meme coin could drop to a low of $0.325.
Shiba Inu (SHIB)
The price of SHIB has recorded a correction of ~10% in 24 hours with a trading volume of $814.28 million. Although it recorded an increase of 2.86% over seven days, the meme coin Shiba Inu has recorded volatility of less than 1% this year.
The Moving Average Convergence Divergence (MACD) indicates a continuous decline in the green chart with strong negative convergence. Furthermore, the SMA indicator shows similar price action, suggesting a negative outlook.
Assuming a reversal trend occurs, in that case, the price of Shiba Inu will head towards the upper resistance level of $0.00003080. Conversely, a stronger bearish action could pull the price down to a low of $0.0000170.
