Why The Doge coin And Shiba Inu Prices Crashed

The Doge coin and Shiba Inu prices share a positive correlation with the flagship crypto, so it was expected that they would also follow suit as BTC corrected. If the Bitcoin continues to drop, then the Doge coin and Shiba Inu prices are also at risk of further declines. 

What Next For DOGE?

In a recent X post, Kevin Capital mentioned that the bias is to the downside in the short term for the Doge coin Price. This came as he revealed that Dogecoin has witnessed seven straight candles in a row and failed to get above the Macro .786 Fib. The analyst added that DOGE is also losing the macro .5 Fib on the linear chart. 

Related Reading: XRP Price Breaks Out On The Daily Chart, Rise To $5.85 Is Possible If This Happens

Meanwhile, Kevin also alluded to Bitcoin, considering the impact the flagship crypto could have on the Dogecoin and Shiba Inu prices by extension. The analyst stated that Bitcoin is getting rejected at the macro 1.703 level and printing a bearish daily candle while having a massive amount of long liquidity to the downside.  

However, the analyst is confident these coins will still regain bullish momentum. He stated that people are overreacting to Powell’s speech and that the dip will be bought. In line with this, he remarked that this is a normal market correction.