Story Highlights:
With over $34 billion in funds leaving the meme space, the hype around meme coins has significantly cooled off.
Despite attempts from other tokens to recover, the prices of Shiba Inu and Dogecoin still struggle to attract buying interest, leading to concerns about the upcoming price direction.
A few days ago, after Bitcoin broke $108,000, the crypto market experienced a massive sell-off. However, the prices of Dogecoin and Shiba Inu had already started to decline before Bitcoin's crash, indicating that investors had exited the meme coin market early and shifted to other mainstream tokens.
As other coins rebound, these meme coins face significant upward pressure, but DOGE and SHIB struggle to break through their respective resistance levels.
Dogecoin (DOGE) Price Analysis:
After a sharp decline in the past few days, Dogecoin has significantly retraced since the beginning of this week. The mid-week crash caused Bitcoin to fall below $95,000, dragging down the entire market, with DOGE dropping from around $0.32 to near $0.26. Although bulls are trying to pull the price back above $0.31, the rebound is still affected by bearish sentiment and remains weak.
The weekly chart of Dogecoin (DOGE) shows that the price is still under bearish pressure. However, the candlestick chart and RSI indicator seem to be forming similar trends; if bulls can maintain the support level above $0.33 until the weekend, a surge may occur. Conversely, if the price breaks below this support level, it could test $0.20 and face the risk of large-scale sell-offs.
Meanwhile, the ADX indicator currently shows bearish signals and has exhibited a trend of bearish divergence.
Therefore, despite the bearish pressure on Dogecoin, if the price can close above $0.35, the current bearish trend may be broken.
Shiba Inu (SHIB) Price Analysis:
In addition, the price of Shiba Inu has broken below the ascending wedge, resulting in a price drop of over 30%. While a short-term rebound may occur, the current trend shows reversal signs from a technical perspective. SHIB's price may further adjust, potentially dropping below $0.00002.
MACD shows a decrease in buying momentum and a bearish crossover has occurred. Meanwhile, as the bearish trend gradually ends, the Ichimoku Kinko Hyo is starting to turn bullish. More importantly, the bullish crossover between the baseline and conversion line may invalidate the current bearish trend.
Therefore, SHIB's price remains at a critical stage, and the trading in the next few days, especially before the weekend, may significantly influence the trajectory of the market in 2025.