Dogecoin and Shiba Inu Poised for Major Comeback: Will SHIB and DOGE Prices Hold Momentum?
The post Dogecoin and Shiba Inu Poised for Major Comeback: Will SHIB and DOGE Prices Hold Momentum? appeared first on Coinpedia Fintech News
The recent turbulence in the market have significantly affected meme coins, causing their total market cap to fall below $70 billion. While some altcoins and meme coins have shown a lot of price fluctuations, Shiba Inu & Dogecoin, in particular, are having a hard time stabilizing their prices. However, some experts believe that the ongoing consolidation in the prices of DOGE and SHIB, especially during a dip, could trigger a strong recovery ahead.
Dogecoin and Shiba Inu Silently Gain Momentum
According to data from Coinglass, Dogecoin saw a significant amount of liquidation in the past 24 hours, with around $6.77 million in DOGE positions being closed. This included about $3.55 million sold by buyers and $3.22 million by sellers. Meanwhile, SHIB experienced about $137,000 worth of liquidation, with buyers accounting for $73.5K of that total.
Also read: Cryptos to Lookout For the Coming Week: HBAR, ONDO, & QNT Price to Explode Soon
Despite these liquidations, the prices of both meme coins have remained stable, which could indicate a potential rally ahead. Analysts suggest that this stability might be the calm before a storm, as large investors continue to buy SHIB and DOGE during the recent price dip. This buying could strengthen support levels and potentially lead to a sharp increase in the prices of Dogecoin and Shiba Inu.
Dogecoin Price Analysis
Dogecoin price made a sharp decline from the $0.3 mark, which suggests that the bears have turned this level into resistance. Bears are dominating as DOGE struggles in surging above immediate resistance of $0.26. As of writing, DOGE price trades at $0.254, surging over 1.47% in the last 24 hours.
The selling pressure continues to be dominating below the $0.30 level. However, buyers have built a strong support around $0.2 as it forms an accumulation zone. Any recovery is likely to encounter selling pressure at the previous support now turned resistance level of $0.30. If the price continues to hold below that level, the bears might push the DOGE/USDT pair below $0.20.
Conversely, if Dogecoin breaks and holds above $0.30 following ongoing accumulation, it could indicate that the bears are losing control. This could mean that a bottom has been established, pushing the DOGE price toward $0.34.
Shiba Inu Price Analysis
SHIB price is attempting for a recovery as the price aims for a surge above the EMA50 trend line. However, the price of SHIB continues to face resistance. Currently, the SHIB price is at $0.000015, having surged over 0.24% in the last 24 hours.
The SHIB/USDT trading pair remains under the downtrend line, showing strong selling pressure from bearish traders. This price level may continue to be a significant barrier, as short-term holders (STHs) might opt to sell off their positions at this level.
However, we expect the SHIB price to retest its resistance at $0.00001717. If the price stays above the EMA20 trend line on the 1-hour chart, buyers could attempt to send it toward $0.000022.
With the Relative Strength Index (RSI) remaining below the midline at 40, there could be a drop toward $0.000012.
