With a strong bullish recovery during the past week, the BTC price recorded a high of $64,976. This resulted in a market-wide surge. Moreover, the meme coin category recorded the highest surge, with many tokens recording a three-digit surge within a short period.
However, top meme coins like DOGE & SHIB have started this week on a bearish note and have recorded negative action for two consecutive days. This has made its investors curious about its weekly price action.
Scroll down as, in this article, we have covered the market sentiments, price action, and potential price targets of Dogecoin (DOGE) and Shiba Inu (SHIB) memecoins for the upcoming month.
DOGE Price On The Verge Of A Major Breakdown?
Amid an ongoing cross-border market correction, the meme coin leader, Dogecoin, has recorded a price drop of 4.84% in the past day with a trading volume of $543.74 million. Further, it has plunged 23.97% over the past month. This highlights a long-term bearish action.
The EMA 50-day acts as a resistance to the price chart in the 1D time frame. Further, the RSI has displayed a bearish convergence with its average trendline. This indicates an increase in the selling pressure for the Dogecoin price in the market.
If the market holds the DOGE price above its crucial support level of $0.1010, the bulls will prepare to retest its resistance level of $0.127 during the upcoming weeks. Conversely, a bearish action could result in this memecoin plunging toward its low of $0.0780.
Shiba Inu Price To Record A Bearish Convergence?
Following in the footsteps, the SHIB price has plunged 4.56% within the past day. Despite recording a jump of 3.83% over the past week, this meme coin has cut 15.16% from its valuation during the past month. With a market cap of $8.45 billion, it has secured the 13th position in the global crypto list.
The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the green histogram, with its averages showing a flatline. However, the SMA indicator is on the verge of experiencing a bearish crossover in the SHIB price chart. This suggests a negative outlook.
Suppose, a bullish reversal occurs, in that case, the Shiba Inu price will prepare to test its resistance level of $0.0000170. On the flip side, if the bears overpowered the bulls, this meme coin will retest its support of $0.00001175 in the coming time.
Source: https://coinpedia.org/price-analysis/is-this-a-crucial-time-to-hold-doge-and-shib-as-bearish-threats-intensify/