Dogecoin and Shiba Inu prices slipped before Bitcoin crashed! Can DOGE and SHIB still turn things around?
As other coins rebounded, these meme coins faced a lot of upward pressure, but DOGE and SHIB had difficulty breaking through their respective resistance levels.
Dogecoin (DOGE) Price Analysis:
After a sharp drop in the past few days, Dogecoin has pulled back sharply since the beginning of this week. The mid-week plunge took Bitcoin below $95,000, dragging down the entire market, and DOGE also fell from a high of about $0.32 to nearly $0.26. Although bulls worked hard to pull the price back above $0.31, the rebound was still affected by bearish sentiment and the trend was relatively weak.
The weekly chart of Dogecoin (DOGE) shows that the price is still suppressed by bearish sentiment.
Therefore, although Dogecoin is still facing bearish pressure, if the price can close above $0.35, the current bearish trend may be broken.
Shiba Inu Coin (SHIB) Price Analysis:
In addition, the price of Shiba Inu Coin has broken below the rising wedge, which has led to a price plunge of more than 30%. Although there is a possibility of a short-term rebound in the price, from a technical point of view, the current trend shows signs of reversal. SHIB price may further adjust and may even fall below $0.00002.
MACD shows weakening buying momentum and a bearish crossover. At the same time, as the bearish trend gradually ends, the Ichimoku cloud begins to turn bullish.
