The cryptocurrency market had witnessed quite a fall in the month of December, ever since that flash crash, recovery has been slow for most crypto-coins. Although, this year has been a year for meme-coins, with Dogecoin stealing the show and Elon Musk supporting the coin, all the while causing multiple rallies one after the other. In regards to the same, many other meme-coins such as Shiba Inu and SafeMoon trailed behind Dogecoin in anticipation of finding the same kind of footing in the market.
The success of meme coins had propelled certain coins such as Dogecoin to find themselves among the top 10 coins. Often because the intrinsic value of such meme coins are questioned, amidst the volatility, of late the appeal of such coins have started to dampen. Dogecoin also recently dropped out of the top 10 coins.
Here’s the recent price analysis of Dogecoin and Shiba Inu.
DOGE/USD Four-Hour Chart
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At press time, Dogecoin was trading at $0.165 and was down by 7.8% over the last 24 hours. Over the last few weeks, Dogecoin’s prices have formed a descending channel confirming that the coin had been on a downtrend. The immediate resistance for the coin stood at $0.188, for Dogecoin to log in successful recovery, it has to trade above the aforementioned level. Other resistance levels stood at $0.223 and then at $0.263.
Bollinger Bands remained heavily constricted, a reading that also points towards a potential breakout. In case of further downward price action, the nearest support line stood at $0.161. Other technicals also indicated bearish price action. The Relative Strength Index was also in the negative territory, parked below the half-line.
Awesome Oscillator depicted red histograms as prices have fallen ever since the last couple of weeks.
SHIB/USD Four-Hour Chart
Shiba Inu’s price action has remained consolidated between the $0.000034 and $0.000043 over the past week. The technical outlook was also bearish considering how Shiba Inu performed in the last few days. At the time of writing, the coin was trading for $0.000034 and prices were seen below the 20-SMA line which meant that the sellers dominated the price momentum in the market.
Shiba Inu’s support lines stood at $0.000048 and then at $0.000054. The Relative Strength Index was in the bearish zone as the selling pressure remained while buyers exited the market Awesome Oscillator flashed a small red histogram as a consequence of decreasing prices over the past few days.
For Shiba Inu to secure considerable recovery, the coin has to trade the $0.000048 mark as that price level has previously acted as a propelling point for the coin. This could be possible if buyers stepped in over the upcoming trading sessions.
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