Price Trends of Dogecoin (DOGE) and Shiba Inu Coin (SHIB) Amidst the Turmoil in the Crypto Market
In-Depth Analysis of Dogecoin (DOGE) Price
(1) Recent Downward Trend After experiencing a severe drop in the past few days, Dogecoin's price has embarked on a downward path since the beginning of this week. The mid-week crash caused Bitcoin's price to drop below $95,000, which in turn affected Dogecoin's price, bringing it close to $0.26, a significant decline from the previous high of around $0.32. However, bulls are fighting back, successfully pushing the price back above $0.31, although the current rebound is still overshadowed by bearish sentiment.
(2) Weekly Chart Technical Analysis
The chart pattern and Relative Strength Index (RSI) seem to present a similar pattern. If bulls can maintain the support level of $0.33 before the end of this week, Dogecoin is likely to see a new round of upward movement.
Conversely, if the price fails to hold this support level, it could likely dip further below $0.20, triggering a massive sell-off.
(3) Future Trend Outlook
In summary, bearish fluctuations remain a significant obstacle to Dogecoin's price rebound. However, if its closing price can break through $0.35, the current bearish trajectory will be disrupted.
In-Depth Interpretation of Shiba Inu Coin (SHIB) Price
(1) Plunge After Breaking the Ascending Wedge
After breaking the ascending wedge, Shiba Inu Coin's price faced a sharp decline of over 30%. Although there seem to be signs of a bottoming rebound in the current situation, technical indicators convey different signals.
(2) Contradictory Signals from Technical Indicators
The Moving Average Convergence Divergence (MACD) shows a downward trend in buying volume, and the indicator suddenly turns towards a bearish crossover, which suggests that prices may further decline. However, the Ichimoku Cloud is gradually turning bullish, indicating that the current bearish trend may come to an end. Additionally, the bullish crossover between the baseline and conversion line could potentially invalidate the current bearish trajectory.
(3) Importance of Key Trading Periods
Therefore, Shiba Inu Coin's price is currently in a critical decisive stage, and the trading situation this weekend will have a more profound impact on its price trend for 2025.
