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Top Memecoins Struggling to Recover: What’s Next for Shiba Inu (SHIB) & Dogecoin (DOGE)
The cryptocurrency market has taken a significant downturn, with the top memecoins, including Shiba Inu and Dogecoin, struggling to recover from their recent losses. Despite efforts to revive their value, these popular tokens have been unable to attract sufficient buying volume, casting doubts on their future performance.
As of late, both Dogecoin and Shiba Inu have fallen significantly in value. This decline has been attributed to the sharp correction seen across various markets, but the extent of this downturn is cause for concern. Investors are beginning to question the long-term viability of these tokens and whether they will continue to support their current prices.
The recent trend in memecoins suggests that there may not be a sustained recovery anytime soon. If this trend continues, it would have significant implications for the overall cryptocurrency market.
In terms of market technicals, the indicators suggest a possible wider correction for Shiba Inu, which could lead to levels below $0.00002 in the near future. The MACD is displaying a decline in buying volume, and the Ichimoku cloud is indicating a potential bearish crossover. This information does not bode well for investors.
For Dogecoin, it seems unlikely that the price will be able to recover above $0.35 anytime soon. In fact, there is a high probability that the bears may gain control of this market as the MACD levels are headed towards a bearish crossover.
Source: coinpedia.org
