Top Memecoins Struggling to Recover-What’s Next for Shiba Inu (SHIB) & Dogecoin (DOGE)
The crypto markets faced a massive sell-off that began ever since Bitcoin marked the highs at $108,000 a few days ago. However, the top memecoins, Dogecoin & Shiba Inu, had triggered much before the BTC price crash, which suggests the market participants have exited the memecoin space much before and entered the star token. This suggests these prices are experiencing massive upward pressure as the other tokens have triggered a rebound but DOGE & SHIB prices are struggling to rise above their respective resistance levels.
Dogecoin (DOGE) Price Analysis
After the dreadful fall in the past few days, the Dogecoin price experienced a major downfall since the start of the week. The mid-week plunge dragged the BTC price below $95,000, which dragged the entire market, including the DOGE price, close to $0.26 from the highs around $0.32. However, the bulls have managed to elevate the levels back above $0.31 but the rally appears to be still under a bearish influence.
The weekly chart of DOGE indicates that the price has yet to rise above the bearish influence. However, the chart and the RSI seem to have formed a similar pattern and if the bulls manage to hold the support at $0.33 until the end of the week, then a fresh upswing could be imminent. Otherwise, the price is feared to drop below the $0.2, facing huge sell-offs. Meanwhile, the ADX is currently bearish, with the levels heading towards a bearish close and the ADX has displayed a bearish divergence.
Hence, bearish waves continue to haunt the Dogecoin price rally; however, a close above $0.35 may invalidate the bearish trajectory.
Shiba Inu (SHIB) Price Analysis
Besdies, the Shiba Inu price has fallen below the rising wedge, causing the token to spike by more than 30%. It could appear the price may soon trigger a healthy rebound, but the technicals suggest the other way around. The SHIB price could be prone to a wider correction, which could drag the levels below $0.00002 very soon.
The MACD shows a drop in buying volume and the levels are suddenly heading towards a bearish crossover. On the other hand, the Ichimoku cloud is turning bullish as the bearish trend is expected to end. Moreover, the bullish crossover between the base & conversion line may invalidate the bearish trajectory. Therefore, the SHIB price continues to remain within a decisive phase and the trade until the weekend may have a greater impact for the upcoming price action in 2025.
