Dogecoin and Shiba Inu Teeter on the Brink of Bearish Reversal: What's Next for SHIB and DOGE Prices?
The post Dogecoin and Shiba Inu Teeter on the Brink of a Bearish Reversal: What's Next for SHIB and DOGE Prices? appeared first on Coinpedia Fintech News
While the overall crypto market is doing well, memecoins are having a hard time attracting enough buyers. This is causing the top memecoins to face more selling pressure near key price levels. Interestingly, both Dogecoin and Shiba Inu have recently made higher lows, which could indicate that they are poised for a short-term drop.
Memecoins Struggle Despite OI Growth
Despite the strong growth in open interest, the price of Dogecoin and Shiba Inu continues to struggle. Open interest in Dogecoin futures has increased by 78% over the past seven days. This growth has occurred despite the fact that the price of Bitcoin has fallen significantly from its recent peak. Because of this, the total value of open interest in Dogecoin futures has increased from $1.7 billion to $3.03 billion.
On the other hand, Shiba Inu's open interest has increased by over 61% in the last week, rising from $152 million to over $246 million. However, despite the sharp increase in open interest for both SHIB and DOGE, this has not led to a strong price recovery on the charts.
Dogecoin Price Analysis
Dogecoin price is making several higher highs around the $0.25 level. However, sellers continue to dominate the price chart, keeping the price near support channels. At the time of writing, DOGE price is trading at $0.2336, down more than 2.1% in the last 24 hours.
The rally is currently facing selling around $0.25, which could lead to a pullback to the $0.21 level. If the price bounces strongly from $0.21, it will show that traders are now more willing to buy on dips rather than sell on rallies, increasing the chances of a rally to $0.265. A successful break above this level could send the price to $0.32.
To stop this upward momentum, sellers will need to push the price below the 20-day EMA (currently at $0.231). If this happens, DOGE/USDT could head towards $0.2.
Also Read: Dogecoin Targets $0.30 After Breakout: But Is A Pullback Coming?
At the moment, the price has started to decline from $0.26, with the next support levels at $0.22 and $0.21. If the price finds support and bounces from this zone, it will indicate that buyers are entering at lower levels. In this case, the bulls may try to push the price above $0.26 again.
Shiba Inu Price Analysis
SHIB price is facing a bearish correction below $0.000017. Buyers are holding the price above the EMA20 trendline but may soon face selling pressure. SHIB price is currently trading at $0.0000158, down more than 2.2% in the last 24 hours.
This rally has pushed the RSI to the 51 level, which means equal dominance from traders. If SHIB holds above the immediate support at $0.00001475, we could see another retest of $0.000017. A break above this level could send Shiba Inu to $0.000019.
However, this bullish view may fade if the price falls below $0.00001475. A drop below this level may lead to SHIB price consolidation around $0.00001225.
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