The Big Reveal of the Plummet in Dogecoin and Shiba Inu Coin!
Today we need to talk about Dogecoin (DOGE) and Shiba Inu Coin (SHIB), these two brothers in arms. Recently, these two coins have plummeted drastically, dropping 9% just the day before, and on Wednesday they broke through a key support level.
Look at this on-chain data, Santiment's indicators show that the bad loan indicators for these two dog-themed meme coins, which is to say the indicators of traders realizing profits, are soaring up. What does this mean? Traders are making money hand over fist and then selling off, leading to significant selling pressure in the market.
In terms of technical analysis, both coins' Relative Strength Index (RSI) indicates a downward trend, suggesting that the sluggish market conditions will continue for a while. If Dogecoin drops further, it could fall to around $0.3; as for Shiba Inu Coin, it might drop to the level of $0.000019.
To be honest, Dogecoin and Shiba Inu Coin have really been hit hard lately. Dogecoin has been under pressure since it dropped from its peak, struggling at the Fibonacci retracement level, and the RSI is also pointing downward, indicating more declines ahead. Shiba Inu Coin has had its ups and downs as well, rising from a low point but getting pushed back at the Fibonacci retracement level, and it also appears to be bearish now.
So, dear investor friends, it's time to keep your eyes wide open and closely monitor market dynamics. The price volatility in the cryptocurrency market is significant, influenced by various factors; policy changes, technological developments, and other aspects can all impact prices. When making investment decisions, it's important to consider multiple factors and assess your risk tolerance.
In summary, the plummet of Dogecoin and Shiba Inu Coin is not a good sign. But we must also view it rationally and not panic at the first sign of a drop. The cryptocurrency market is characterized by high volatility and uncertainty. We must remain calm and invest rationally!
As for the upcoming layout direction, I will guide everyone to aim for high-profit opportunities in altcoins, especially those projects with great potential, with expected gains of over 10 times being quite feasible. If you want to make big money in the bull market, give a thumbs up + leave a message, and I will help you layout the entire bull market!
