Dogecoin and Shiba Inu lose price milestones! Will bulls defend DOGE and SHIB prices?
The market has seen significant declines recently, with some crypto assets losing their upward momentum and turning towards immediate support levels. This trend has resulted in a surge of red candles, especially in the meme coin space, with leaders like Dogecoin and Shiba Inu falling below bullish price points. As prices continue to fall, analysts are increasingly worried about whether bulls can arrest the decline and initiate a recovery.
Bitcoin decline triggers selling activity in DOGE and SHIB Interestingly, Bitcoin experienced a significant price correction today with the price falling back to the $64,000 mark. Today’s sharp drop in BTC value may be due to a massive wave of liquidations, with the amount exceeding $161 million, Coinglass reports. Notably, the total liquidations in the past 24 hours exceeded $500 million. Following this trend, other cryptocurrencies, including meme coins like DOGE and SHIB, have experienced similar trends, leading to massive liquidations.
Specifically, Dogecoin liquidations totaled $15.4 million, with $12.5 million in long positions and $2.9 million in short positions. Additionally, Shiba Inu faced $2.5 million in liquidations, with long positions accounting for $2.45. million and a short position of $111,000.
Data from IntoTheBlock shows that Dogecoin has seen an increase in active addresses, from 70,000 to 92,000, despite downward pressure on its price. This shows that despite the declining value of memecoins, interest in them remains stable.
At the same time, Shiba Inu has seen a sharp increase in large-ticket trading volume amid the market collapse, indicating that major investors are absorbing SHIB at lower prices. These volumes surged from 1.4 trillion SHIBs to more than 6.1 trillion SHIBs, raising hopes for a potential recovery after recent market declines.
Dogecoin (DOGE) Price Analysis: Dogecoin experienced a minor pullback after bears pushed the price sharply lower towards the $0.18 support line, suggesting sellers may be liquidating their positions.
The DOGE/USDT trading pair is likely to correct towards the EMA20 trendline. If the price finds support at current levels, it would mean that bulls have successfully triggered bargain hunting, increasing the chances of a rise to $0.23.However, this bullish momentum could be offset if the price falls below $0.18, potentially leading to a drop towards the $0.13 level. It will be crucial for bulls to maintain this level, as a fall below it could accelerate the fall to $0.1.
Shiba Inu (SHIB) Price Analysis: The recent downward move in the Shiba Inu has encountered resistance at the 200-day EMA on the 4-hourly chart. A rebound from the above mentioned levels will reinforce bullish dominance, pushing the price towards a retest of $0.00003.
On the other hand, a sharp decline below the rising support line at $0.000022 would weaken the chances of a bullish comeback. This could lead to a drop to the $0.000015 breakout point.
