The cross-border market saw strong bearish action, with major cryptocurrencies seeing double-digit declines. Additionally, the memecoin category is the most affected with an 11.48% drop in the segment’s valuation. Following this, Dogecoin and Shiba Inu both secured a spot in the top losers list.
Given the current market conditions, investors are asking questions such as “Is now the right time to invest in memecoins?” and “Will Dogecoin ever recover?” In this article we present the latest market sentiments, price analysis and possible price targets.
Dogecoin (DOGE)
DOGE coin price saw a strong bearish reversal at its important resistance level of $0.3850. This allowed it to record a decline of 10.83% in 24 hours with a trading volume of $5.458 billion. However, with its market capitalization of more than $51 billion, it maintains its 7th position.
The Relative Strength Index (RSI) is showing a sharp decline, with its average trendline experiencing negative convergence. However, with its 50-day EMA serving as support, DOGE coin price portends mixed price action.
If the bulls regain momentum, Dogecoin price will retest its resistance level of $0.385 this week. Conversely, if the bears lead the bulls, this meme coin could plunge towards its low of $0.325.
Wondering about the long-term price prospects of the largest memecoin by market cap? Read CoinPedia Dogecoin Price Prediction to explore the possibilities!
Shiba Inu (SHIB)
SHIB price recorded a correction of around 10% in 24 hours with a trading volume of $814.28 million. Despite jumping 2.86% in seven days, the Shiba Inu meme coin has recorded a change of less than 1% this year.
The Moving Average Convergence Divergence (MACD) records a steady decline in the green histogram with strong bearish convergence. Additionally, the SMA indicator shows similar price action, suggesting a negative outlook.
Suppose a trend reversal occurs, in this case the Shiba Inu coin price will head towards its upper resistance level of $0.00003080. On the contrary, intensified bearish action could pull the price towards its low of $0.0000170.
Wondering if now is the right time to invest in SHIB memecoin? Read our Shiba Inu Price Prediction to understand the possible long-term prospects!
FAQs
Amid continued uncertainty in the cross-border financial market, the crypto space has seen a significant pullback.
Considering historical market sentiment, DOGE price has a positive long-term outlook, making it a potential investment.
It is very unlikely that this memecoin will reach this milestone with its current circulating supply.