The cryptocurrency market continues to see bearish action, with major tokens losing significant valuation in their respective portfolios. It appears that major cryptocurrencies are consistently failing to maintain their value above their important support levels, highlighting the growing uncertainty over future price action.
With the market becoming unpredictable, investors are closely monitoring their portfolios with various doubts. In this article, we covered market sentiment, price analysis, and possible near-term price targets for the Dogecoin (DOGE) and Shiba Inu (SHIB) memecoins.
DOGE Price Retests Its Important Support Trendline!
Dogecoin price is approaching its important support level of $0.3250 with an intraday decline of 3.76% and a trading volume of $1.835 billion. Moreover, with a market capitalization of $48.281 billion, it has secured the 07th position.
The Moving Average Convergence Divergence (MACD) records an ascending red histogram with its averages experiencing bearish convergence. Additionally, its 50-day EMA indicator acts as resistance to the Dogecoin price chart, suggesting a negative outlook.
Sustaining the price above its $0.3250 support level could set the stage for DOGE price to retest its $0.440 high. However, if bears gain dominance, this meme coin could retest its low of $0.2650.
Wondering if DOGE Memecoin will reach $1 in 2025? Read our Dogecoin Price Prediction to explore possible mysteries in the long term!
Shiba Inu Price Records Increased Bearish Sentiment
SHIB price maintained its bearish action by dropping 4.43% in 24 hours with a trading volume of $401.42 million. Furthermore, it plunged 12.92% in seven days and 26.74% in 30 days. This highlights an increase in negative influence.
The Relative Strength Index (RSI) records a bearish pattern during its daily time frame, with its average showing a negative reversal. Additionally, with its SMA indicator constantly acting as resistance, SHIB price could continue to lose value this week.
If the bulls regain momentum, Shiba Inu price could break through its resistance of $0.00002350 and head towards its high of $0.00003080. Conversely, an increase in bearish action could pull the price towards its low of $0.0000170.
Are you considering investing in SHIB memecoin but concerned about its long-term projection? Read CoinPedia Shiba Inu Price Prediction until 2030!
FAQs
If bullish sentiment continues, the largest memecoin by market cap could surpass the $1 mark this year.
At the time of writing, the value of one DOGE crypto token was $0.34227. We can stack 1,460.8350 Dogecoins.
Shiba Inu price may reach a maximum price of $0.0006392 by the end of 2025.
With a 24-hour trading volume of $401.42 million, the value of one SHIB crypto token was $0.00002090. With the current value, investors can stack 47,846,889.9521 Shiba Inu tokens.