๐ Dogecoin & Shiba Inu Face Harsh Sell-Off โ Correction Deepens, Bulls Retreat
๐ Market Overview & Resistance Rejection
๐ DOGE was rejected at the $0.21 daily resistance, triggering a fresh downward move.
๐ด SHIB slipped below $0.0000119, signaling waning momentum.
๐ Both tokens are now correcting lower, with technical breakdowns strengthening the bearish narrative.
๐ Derivatives Say It All: Traders Are Bearish
๐ CoinGlass Long/Short Ratios (Wednesday):
DOGE: 0.86
SHIB: 0.82
๐ These are the lowest levels in the past month.
๐ธ Funding Rates (Wednesday):
DOGE: 0.0005%
SHIB: 0.0001%
โ Both are nearing negative territory, suggesting traders are paying to stay short.
๐ DOGE Price Forecast: Trendline Rejection
โ Closed below the 50-day EMA at $0.20.
๐ป Broke a key ascending trendline from June 22.
๐ Failed to reclaim the trendline early this week โ resumed its drop.
Potential Targets:
๐งฑ Support 1: $0.18
๐งฑ Support 2: $0.15 (July 1 low)
๐ Bullish Scenario: Bounce back to $0.24 on strong reversal.
๐ SHIB Price Forecast: Bears in Full Control
๐ฅ Dropped 10% in four days post break below the 50-day EMA.
๐ Continues to print lower highs and lower lows.
Potential Targets:
๐งฑ Support 1: $0.0000111
๐งฑ Support 2: $0.0000100 (June 22 low)
๐ Bullish Reversal Level: $0.0000136
๐ Conclusion: Bearish Momentum Strengthens
๐พ Memecoins are seeing rising short interest and fading bullish strength.
๐ Trendline breaks and EMA rejections show that the correction is not over yet.
๐ Reclaiming key resistance levels is the only way bulls regain control.
