Will DOGE & SHIB Price Undergo Another Spike in August?

The crypto markets after an interim jump have again fallen into the same bearish well, nullifying all the gains, gained during the recent jump. Just before a couple of days, the Bitcoin price was closer to slicing through the bearish trend and laying down a clear path toward $30,000. However, the recent price action suggests, that the BTC price may now form lower levels, below the yearly highs. 

In such a case, Ethereum followed by the popular altcoins is also expected to drop heavily. It is a known fact that the DeFi & NFT space will be heavily impacted by the ETH price plunge and may drop 10 times more than the top 2 crypto assets.

Therefore, a leg pulled lower may drag the Dogecoin & Shiba INU price lower by another 20% to 25% lower before the end of August. 

Dogecoin (DOGE) 

• The DOGE price after the recent rejection in an attempt to surpass the upper resistance could probably hit the lower support 

• A bounce may be expected from the lower support but it may not have a larger impact as the volume has slashed heavily

• Therefore, a minor consolidation may be imminent until the asset preaches the apex, further to which the asset could flow along the path of the induced volume.  

Shiba (INU) 

• The Shiba INU price was swinging within a parallel rising channel, which was broken amid the recent upswing. However, the price dropped back within the same channel but displaying possibilities of an uptrend

• The volume has dropped notably which may have impacted the rally negatively which is currently consolidating along the middle bands of the channel

• If the SHIB price raises beyond the middle bands, then the possibility of retesting the upper resistance appears to be high