DOGE and SHIB: Should you hold these two major meme coins amid bearish threats?

Market Focus: Over the past week, Bitcoin prices hit a high of $64,976, driving the entire crypto market soaring. In particular, meme coins have performed well, with many tokens achieving triple-digit gains in a short period of time. However, top meme coins DOGE and SHIB have recently begun to show bearish trends, triggering widespread market attention on their future trends.

Doge faces downside risks?

Recent trends: After a strong market rebound, Dogecoin (DOGE) recently fell 4.84% in one day and its price has plummeted 23.97% in the past month. These factors show long-term bearish signals. Technical indicators: The EMA 50-day line has posed resistance to DOGE prices on the 1D time frame. The RSI indicator shows a bearish convergence, indicating that selling pressure is increasing in the market. Key Support and Resistance Levels: If DOGE prices can consolidate above $0.1010, bulls may retest the $0.127 resistance level in the coming weeks. On the other hand, if the bearish trend continues, DOGE may fall to a low of $0.0780.

How will SHIB develop?

Recent performance: Shiba Inu Coin (SHIB) has fallen 4.56% in the past day, and although it has risen 3.83% in the past week, its price has shrunk by 15.16% in a month. Currently, SHIB has a market capitalization of $8.45 billion, ranking 13th in the world. Technical indicators: The green histogram in the MACD indicator continues to decline, and the SMA indicator shows an impending bearish crossover. This indicates that the outlook for SHIB may not be optimistic. Key support and resistance levels: If a bullish reversal occurs, SHIB may test the resistance level of $0.0000170. Otherwise, if the bears dominate the market, SHIB will retest the support level of $0.00001175.

The current bearish threat in the market poses a challenge to the price trend of DOGE and SHIB. Investors should pay attention to the key support and resistance levels of these meme coins and do a good job of risk management to cope with possible market fluctuations.

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