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Dog-themed memecoins DOGE and SHIB fall, losing $90 million

After plunging over 10% the day before, Dogecoin and Shiba Inu prices fell again on Monday.

Dog memecoins liquidated almost $90 million leveraged traders in 24 hours.

With both memecoins' momentum indicators pointing down, the downleg may continue.

After dropping over 10% the day before, Dogecoin (DOGE) and Shiba Inu (SHIB) values fell again on Monday. This decline has liquidated nearly $90 million in dog-themed memecoins in 24 hours. Both memecoin momentum indicators are negative, indicating a further drop.

Massive wipeout for dog memecoin traders
DOGE and SHIB, dog-themed memecoins, fell about 17% in two days. On Monday, the currencies continued their double-digit falls, unleashing a wave of liquidations that totaled over $90 million and $80.91 million in DOGE, according to CoinGlass.

Huge liquidations like these might drive dog theme-based memecoin investors to fear, uncertainty, and doubt (FUD) and increase selling pressure, lowering prices.

Bears lead Dogecoin price forecast

Dogecoin pricing rejected its 61.8% Fibonacci retracement barrier at $0.40 on January 21 (drawn from the December 8 high of $0.48 to the December 20 low of $0.26) and fell 27.80% in the following 10 days, ending below its 200-day EMA at $0.31 on Saturday. Monday's trading price is 13.4% lower, about $0.23.

DOGE may challenge its weekly support at $0.18 if it keeps falling.

Shiba Inu Forecast: Bears target $0.000010.

On January 24, Shiba Inu price broke and closed below its upward trend (derived from connecting several lows since August 5) and fell 22.22% in the following eight days, falling below $0.000016 on Sunday. It's down 11.61% to $0.000013 as of Monday.

SHIB may test the August 5 low of $0.000010 if it continues its decline.

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