Top Memecoins Struggle for Recovery: What’s Next for Shiba Inu (SHIB) and Dogecoin (DOGE)?
Crypto markets have been experiencing a massive sell-off since Bitcoin hit a record high of $108,000 a few days ago. However, the top memecoins, Dogecoin and Shiba Inu, sparked much before the BTC price collapse, which suggests that market participants have moved out of the memecoin space and into the star token much earlier. This shows that these prices are facing significant upward pressure, as other indicators make a rebound, while DOGE and SHIB prices are struggling to rise above their respective resistance levels.
Dogecoin (DOGE) price analysis
After a terrible fall over the past few days, the price of Dogecoin has experienced a major decline since the beginning of the week. The fall in the middle of the week dragged the price of BTC below $95,000, which dragged down the entire market, including the price of DOGE, from a high of $0.32 to $0.26. However, the bulls managed to push the levels above $0.31 but the rally still seems to be under the influence of the downside.
The DOGE weekly chart indicates that the price has yet to rise above the bearish influence. However, the chart and RSI seem to have formed a similar pattern and if the bulls manage to hold the support at $0.33 until the end of the week, a new reversal is likely. Otherwise, it is feared that the price may drop below $0.2, which will lead to heavy selling. Meanwhile, ADX is currently weak, the levels are close to bearish and ADX has shown a bearish divergence.
Therefore, bearish waves will continue to chase the Dogecoin price rally; However, a close above $0.35 could invalidate the bearish path.
Shiba Inu (SHIB) price analysis
Bisdis, Shiba Inu's price fell below a bullish wedge, sending the token up more than 30%. The price may make a healthy recovery soon, but the technicals suggest otherwise. The price of SHIB may be vulnerable to a wide correction, which may drag the most recent levels below $0.00002.
The MACD is showing a reduction in overbought and the levels are suddenly heading for a bearish crossover. On the other hand, the Ichimoku cloud is turning stronger as the bear trend is expected to end. Moreover, a bullish cross between the base and switch line can cause the bearing to lose direction. Therefore, the SHIB price will continue to remain in a critical phase and the trade till the weekend may have more implications for the price action to come in 2025.
