Top Memecoins are struggling to recover: Shiba Inu (SHIB) and Dogecoin (DOGE) what’s next
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Since Bitcoin hit a high of $108,000 a few days ago, the cryptocurrency market has faced massive sell-offs. However, top memecoins, Dogecoin and Shiba Inu, were triggered before the BTC price plummeted, indicating that market participants had already exited the memecoin space and entered star tokens. This suggests that these prices are facing significant upward pressure, as other tokens have triggered rebounds, but DOGE and SHIB prices are struggling to break through their respective resistance levels.
Dogecoin (DOGE) Price Analysis
After a dismal decline in the past few days, Dogecoin's price has started to drop significantly since the beginning of this week. The mid-week crash caused the BTC price to fall below $95,000, dragging down the entire market (including Dogecoin) from a high of around $0.32 to nearly $0.26. However, bulls have successfully pushed the price back above $0.31, but the rebound still seems to be under bearish influence.
The weekly chart for DOGE shows that the price has yet to break the bearish influence. However, the charts and RSI seem to form a similar pattern, and if the bulls manage to keep the support level above $0.33 until the weekend, a new round of upward movement may be imminent. Otherwise, the price may fall below $0.2, facing significant sell-offs. Meanwhile, the ADX is currently bearish, trending towards a bearish close, with the ADX showing bearish divergence.
Thus, the bearish wave continues to plague Dogecoin's price increase; however, a closing price above $0.35 may invalidate the bearish trajectory.
Shiba Inu (SHIB) Price Analysis
Worse still, the price of Shiba Inu has fallen below the ascending wedge, causing the token to surge over 30%. The price may soon trigger a healthy rebound, but the technicals indicate the opposite. SHIB price may experience a larger range correction, potentially pulling the price down below $0.00002 soon.
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