Dogecoin and Shiba Inu Take a Hit as Meme Market Slips
The meme coin giants, Dogecoin and Shiba Inu, are facing serious pressure as the broader market turns red. Both tokens have lost key technical levels, and traders are reacting with caution.
Dogecoin was rejected at the 21-cent resistance and has started to decline. It’s now trading below its trendline and has also fallen under the 50-day moving average. The next possible support areas are around 18 to 15 cents. Market sentiment isn't great either, with the long/short ratio at just 0.86 — the lowest it’s been in a month.
Shiba Inu isn't doing much better. It dropped below $0.0000119 and continues to post lower highs and lower lows, sliding around 10% in just four days. Support levels to watch lie between $0.0000111 and $0.0000100. Its long/short ratio has slipped to 0.82, and funding rates are almost negative, meaning traders are actually paying to hold short positions.
So, what’s next?
The technical picture shows clear breaks below trendlines and repeated rejections from key averages. The downtrend remains in motion, and any hopes of a rebound will need a strong reversal.
For bulls to regain control, Dogecoin would need to reclaim the 24-cent mark, and Shiba Inu would have to climb back above $0.0000136.
Right now, meme season is taking a breather. The charts suggest the bears are in charge — but in crypto, tides can turn quickly. Let’s see if the dogs can bite back, or if more downside is on the horizon.
