Since Bitcoin broke through the high of $108,000, the crypto market has plunged into a massive sell-off. However, top Memecoins—Dogecoin (DOGE) and Shiba Inu (SHIB)—faced selling pressure even before BTC's drop. Market funds are flowing towards star tokens, while DOGE and SHIB hesitate before resistance levels. What is the fate of the two 'Dogecoin Kings'? Let's take a look.

Dogecoin (DOGE): Can it make a comeback?

Dogecoin experienced a roller coaster-like plunge this week, dropping from a high of $0.32 to as low as $0.26. Although bulls fought back, pushing the price above $0.34, bearish sentiment still looms over the market.

From the weekly chart, DOGE's price has not yet escaped the bearish shadow. The RSI indicator shows that if the support level can hold steady at $0.33 until the weekend, bulls are likely to push for a strong rebound. However, if it fails to hold, the price may drop below $0.20, potentially triggering a new wave of selling. Meanwhile, the ADX indicator continues to show bearishness, indicating the market is still developing in a downward direction.

Key Support and Rebound Conditions:

  • Support Level: $0.33

  • Resistance Level: $0.35

  • Bull-Bear Divide: A closing price above $0.35 will reverse the current bearish trajectory.

In summary, DOGE is at a critical turning point, and the future price direction depends entirely on this weekend's performance.

Shiba Inu (SHIB): Is there a crisis hidden behind the seemingly healthy rebound?

SHIB's recent performance has left investors on edge. After breaking below the rising wedge, the price fell by 30% and may continue to dip below $0.00002. However, technical indicators are sending mixed signals—both bullish and bearish.

Key Performance Indicator Interpretation:

  • MACD: Shows that buying volume is quickly decreasing, forming a bearish crossover.

  • Ichimoku Cloud: Shifting towards a bullish trend, indicating that bearish sentiment may be nearing its end.

  • Base Line and Conversion Line: Bullish crossover is expected to curb further declines.

Despite this, SHIB's price remains at a decisive stage. If bulls cannot hold the support above $0.00002, the future price is likely to be pessimistic.

Conclusion: What is the future fate of the two 'Dog Kings'?

DOGE and SHIB are at a crossroads of fate. DOGE needs to break above $0.35 to be reborn, while SHIB must firmly hold the $0.00002 support to avoid a deeper correction. Whether they can stage a comeback will determine if the Memecoins sector can shine again.

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