- Dogecoin shows bullish potential if it maintains above $0.168, eyeing resistance levels.
- Shiba Inu may face selling pressure if it drops below the crucial $0.00001852 support.
- Both DOGE and SHIB exhibit bullish momentum, indicating a cautious outlook for traders.
Dogecoin (DOGE) and Shiba Inu (SHIB) are attracting significant attention in the cryptocurrency market. Both tokens have shown notable price movements, influencing investor sentiment and trading strategies.
Dogecoin Price Trend Analysis
Dogecoin’s price recently increased by 3.69%, reaching around $0.170. This upward momentum reflects a moderate buying interest among investors. The first critical support level is approximately $0.1639, which has been resilient against downward price movements.
A decline below this level may lead to further testing of this support. Additionally, another support level at $0.1680 indicates a consolidation area, which could provide stability.
On the resistance front, the price peaked around $0.178, creating a ceiling for upward movement. This resistance level previously resulted in price rejections, making it a target for future gains if buying pressure increases. A secondary resistance level is near $0.175, where price movements slowed after brief rallies.
If Dogecoin stays above $0.168, it may revisit these resistance levels at $0.175 and $0.178. A drop below $0.168 could trigger a retest of the stronger support at $0.1639.
Furthermore, the technical indicators for DOGE provide important insights. The 4-hour Relative Strength Index (RSI) is 69.55, indicating that the cryptocurrency is nearing overbought territory. Additionally, the MACD trading above the signal line suggests bullish momentum in the short term.
Shiba Inu Price Trend Analysis
Shiba Inu also exhibits a minor upward trend, currently trading at approximately $0.00001862, with a 0.47% increase. The first support level is around $0.00001852, where price consolidations occurred after declines. A drop below this level could signal increased selling pressure. Another support level at $0.0000186 shows signs of stabilization during minor pullbacks.
The peak at around $0.0000190 acts as a significant barrier for SHIB. The price faced strong resistance at this level, limiting further gains. Another resistance zone near $0.0000188 reflects some selling pressure, suggesting traders should remain cautious.
Read also: BTC, ETH, DOGE & SHIB Test Investors’ Patience as Market Stalls
If SHIB holds above $0.0000186, it may retest the resistance levels at $0.0000188 and $0.0000190. A fall below $0.00001852 could lead to increased selling and further price declines.
SHIB’s 4-hour RSI is 62.08, indicating a neutral position. The MACD above the signal line suggests potential bullish momentum in the short term.
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Source: https://coinedition.com/dogecoin-and-shiba-inu-a-double-edged-sword-for-crypto-investors/