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Top Memecoins Struggling to Recover: What’s Next for Shiba Inu (SHIB) & Dogecoin (DOGE)
The memecoin mania has undoubtedly faced a significant backlash, with over $34 billion being wiped out of the meme space. While other tokens have started recovering, Shiba Inu and Dogecoin, two of the most prominent memecoins, are having difficulty regaining their footing.
Dogecoin (DOGE) Price Analysis
After plummeting since the start of the week, Dogecoin’s price has managed to recover slightly above $0.31. However, this rally appears to be under bearish influence, as the mid-week plunge caused a drastic fall in the DOGE price, close to $0.26. Despite this, if the bulls are able to keep the support at $0.33 until the end of the week, there may be an opportunity for a healthy rebound.
Conversely, a close above $0.35 could invalidate the bearish trajectory and potentially signal a shift in market sentiment. Nevertheless, it is crucial to consider that this recovery remains fragile, as the MACD indicates a drop in buying volume.
Shiba Inu (SHIB) Price Analysis
In contrast to DOGE, Shiba Inu has fallen beneath the rising wedge, resulting in an almost 30% spike. At first glance, it may seem like the price is primed for a healthy rebound; however, technical indicators suggest otherwise. The SHIB price could be susceptible to a broader correction, which would drag the levels below $0.00002 shortly.
The MACD shows a decline in buying volume and the levels are heading towards a bearish crossover. In contrast, the Ichimoku cloud is exhibiting bullish signs as the bearish trend may come to an end. Furthermore, the bullish crossover between the base and conversion lines could invalidate the bearish trajectory.
As of now, SHIB remains in a decisive phase, with this weekend’s trade potentially having a significant impact on the upcoming price action in 2025.
It appears that these memecoins are struggling to recover from their recent downfall, leaving investors uncertain about their future prospects.
Source: coinpedia.org
