DOGE and SHIB prices continue to fall! What is the current market situation of Memecoin?
After successfully ending the first quarter of 2024 on a positive note, the top 10 memecoins have seen increasing selling pressure since the beginning of the month, highlighting the cryptocurrency industry’s strong bearish reversal for the memecoin category.
Memecoin leader Dogecoin has seen a correction of around 10% over the past seven days, with the price of the Shiba Inu following a similar trend, losing over 13% of its valuation during that period.
Dogecoin (DOGE) Price Analysis:
DOGE price traded in a consolidated range between $0.146 and $0.188 for about two weeks before bulls ran out of steam and saw a valuation correction of over 35%. However, bulls kept the price above the $0.122 support, leading to a rebound on the charts.
As volatility increased in the market, bulls gained 86% before rejection at $0.227, followed by a period of sideways trading. After multiple rejections above the resistance, the bulls lost momentum and the price has been trading under bearish influence since then.
The Moving Average Convergence Divergence (MACD) shows declining red bars, indicating weak buying and selling pressure in the cryptocurrency industry. Furthermore, the average suggests a strong likelihood of bullish convergence, highlighting the mixed sentiment towards the meme coin.
If the market holds the price above the $0.169 support, bulls will regain momentum and prepare to test its overhead resistance at $0.206 in the coming week. Conversely, if the bears continue to suppress the bulls, the price will continue to decline and drop to test the lows of $0.146.
Shiba Inu (SHIB) Price Analysis:
Shiba Inu price briefly traded between $0.000030 and $0.000036, exhibiting significant price volatility, after which bulls failed to sustain the price above support, causing SHIB price to fall and record a valuation correction of 21%.
After testing the lows of $0.0000237, the bulls regained momentum and rallied by around 40% before getting rejected at the resistance at $0.0000330. Since then, the price has been trading under a bearish influence and is hovering near $0.0000270.
Technical indicator MACD shows a persistent flat line on the chart, highlighting weak buying and selling pressure on memecoin in the crypto market.Furthermore, the average shows a neutral trend, highlighting the uncertainty around Shiba Inu price trends in the week ahead.
If the market pushes the price above the resistance at $0.0000270, the bulls will regain momentum and prepare to test its overhead resistance at $0.0000330 in the future. However, if the bulls fail to regain momentum, SHIB price will drop to test this month’s lows of $0.000020.
