DOGE Price And SHIB Price Continue Bleeding! Are Memecoins Done?

The post DOGE Price And SHIB Price Continue Bleeding! Are Memecoins Done? appeared first on Coinpedia Fintech News

After successfully concluding the Q1 of 2024 on a positive note, the top 10 memecoins have displayed increased selling pressure since the month started, highlighting a strong bearish reversal in the cryptocurrency industry for the memecoin category.

The leader of memecoins, Dogecoin, has recorded a correction of approximately 10% over the past seven days, following which the price of Shiba Inu displayed a similar trend by recording a loss of over 13% in valuation during this time.

Dogecoin (DOGE) Price Analysis:

The DOGE price traded in a consolidated range between $0.146 and $0.188 for about two weeks, following which the bulls lost momentum and recorded a correction of over 35% in valuation. However, the bulls held the price above the support level of $0.122, resulting in a bounce back in the chart.

As the market volatility grew, the bulls jumped 86% before facing rejection at $0.227, after which it traded sideways for a while. After multiple rejections to break out of its resistance, the bulls lost momentum, and since then, the price has been trading under a bearish influence.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating weak buying and selling pressure in the crypto industry. Moreover, the averages hint at a high potential for bullish convergence, highlighting a mixed sentiment for the memecoin.

If the market holds the price above the support level of $0.169, the bulls will regain momentum and prepare to test its upper resistance level of $0.206 during the upcoming week. Conversely, if the bears continue to hold power over the bulls, the price will continue bleeding and fall to test its low of $0.146.

Shiba Inu (SHIB) Price Analysis:

The Shiba Inu price displayed significant price volatility by trading between $0.000030 and $0.000036 for a brief period, after which the bulls failed to hold the price above the support level, resulting in the SHIB price breaking down and recording a correction of 21% in valuation.

After testing its low of $0.0000237, the bulls regained momentum and added approximately 40% before facing rejection at the resistance level of $0.0000330. Since then, the price has been trading under a bearish influence and is hovering close to its level of $0.0000270.

The technical indicator, MACD, shows a constant flatline in the chart, highlighting weak buying and selling pressure for the memecoin in the crypto market. Further, the averages show a neutral trend, highlighting uncertainty for Shiba Inu price action during the upcoming week.

If the market pushes the price above the resistance level of $0.0000270, the bulls will regain momentum and prepare to test its upper resistance level of $0.0000330 in the coming time. However, if the bulls fail to regain momentum, the SHIB price will fall to test its low of $0.000020 this month.