Will DOGE and SHIB lose price momentum?
Following the recent market crash that sent Bitcoin's price down to $53k, meme coins experienced a relatively mild impact. However, in the last seven days, the market capitalization of Mem Coin has decreased significantly. This has led to a decline in whales' interest in leading meme coins like Shiba Inu and Dogecoin, which could challenge buying dominance in the coming hours.
SHIB and DOGE prices solve buyers
Over the past 24 hours, traders on both sides have sparked significant liquidity for Shiba Inu and Dogecoin. According to Coinglass, Dogecoin experienced a total of approximately $710,000 in liquidity, with approximately $400,000 coming from the liquidation of short positions.
Meanwhile, Shiba Inu saw a total of $216,000 in liquidity, of which $122,000 was accounted for by long positions. These moves have recently increased volatility in both SHIB and DOGE prices.
According to IntoTheBlock data, there has been a significant decrease in whaling activity for both Dogecoin and Shiba Inu. The largest transaction count for Dogecoin decreased from 1,210 to 788 transactions. Similarly, large Shiba Inu-related transactions dropped from a high of 199 to just 84 transactions.
This declining demand for whales has weakened market sentiment for DOGE and SHIB, increasing sales confidence which may strengthen in the coming hours.
Dogecoin price analysis
Dogecoin's recent rally failed to reach the crucial $0.12 breakout level, indicating that bears are actively selling during small price increases. However, buyers are expecting a rise above the immediate Fib channel in the coming hours. As of writing, DOGE price is trading at $0.107, down more than 0.2% in the last 24 hours.
A breach of this zone will cause the DOGE/USDT pair to drop to $0.06, so bulls will strongly defend the price range between $0.10 and $0.08. A deep decline can significantly delay the next rally.
If the price recovers from its current position, the bears are expected to resist any upward move at $0.12. However, if buyers can overcome this resistance, the pair could move towards the 50-day SMA at $0.14, indicating a reversal in the short-term trend.
Shiba Inu price analysis
The Shiba Inu recently broke out of a bearish pattern and attempted to rise above $0.0000177. However, sellers have resisted a rise above that level, making sustaining this momentum a challenge for bulls. As of writing, SHIB price is trading at $0.00001637, up more than 0.06% in the last 24 hours.
Bears are now trying to push the price back into bearish territory. If they succeed, it shows that the recent rally may be misleading, which could hold the price to $0.000012 for an extended period of time.
Conversely, if the price recovers from its current position and is above $0.000019, this would suggest buying interest at lower levels. Such a move could push the SHIB/USDT pair to $0.000030.
