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Top Memecoins Struggling to Recover: What’s Next for Shiba Inu (SHIB) & Dogecoin (DOGE)
The memecoin mania has taken a significant hit, with over $34 billion being wiped out of the meme space. As a result, top memecoins like Shiba Inu and Dogecoin are struggling to recover from their recent decline.
Dogecoin’s price analysis reveals that it has fallen below the rising wedge, causing the token to plummet by more than 30%. Although it may seem like the price could trigger a healthy rebound, technicals suggest otherwise. The SHIB price could be prone to a wider correction, which would drag the levels below $0.00002 very soon.
In fact, the MACD shows a significant drop in buying volume, and the levels are heading towards a bearish crossover. On the other hand, the Ichimoku cloud is turning bullish, as the bearish trend is expected to end. This could potentially invalidate the bearish trajectory. Therefore, the SHIB price continues to remain within a decisive phase and any trade until the weekend may have a significant impact on the upcoming price action in 2025.
Meanwhile, Dogecoin’s chart indicates that it could be prone to further losses, with a close above $0.35 potentially invalidating the bearish trajectory. The recent decline in the market has led to reduced buying activity, which may not be enough to sustain bullish expectations.
It is essential for investors and traders to closely monitor these developments as they unfold, given the potential implications on the overall cryptocurrency market.
Source: coinpedia.org
