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Top Memecoins Struggling to Recover: What’s Next for Shiba Inu (SHIB) & Dogecoin (DOGE)
The memecoin mania has taken a drastic turn, with more than $34 billion wiped out of the meme space. While some tokens are attempting to recover, Shiba Inu and Dogecoin prices are struggling to attract buying volume, fueling concerns over their next price action.
The crypto markets have experienced a massive sell-off since Bitcoin marked its highs at $108,000 just days ago. However, it is essential to note that the top memecoins, Dogecoin and Shiba Inu, had already initiated their downward trajectory before the BTC price crash, suggesting market participants have exited the memecoin space much prior to the BTC’s decline.
This implies that these prices are currently facing immense upward pressure as other tokens attempt a rebound. Meanwhile, DOGE & SHIB prices remain within a decisive phase and may undergo significant changes over the upcoming weekend.
For Shiba Inu (SHIB), it appears that the price has dropped below the rising wedge pattern, potentially leading to a 30% spike in the token’s value. However, technical indicators suggest otherwise. The MACD indicates a decline in buying volume, while the Ichimoku cloud is shifting towards a bearish crossover. This may result in SHIB prices falling even further and possibly even reaching levels below $0.00002.
On the other hand, Dogecoin (DOGE) has fallen below its critical support level of $0.35 and appears to be on course for a potential wider correction that could potentially drop the token’s price below the threshold.
Source: coinpedia.org
