Memecoins
Here’s what’s next for these Memecoins!
After the recent surge, bulls have become somewhat passive as major coins consolidate around gains. Meanwhile, prices of popular memecoins like Dogecoin and Shiba Inu are bucking the trend. Will they remain bearish throughout the day or trigger a healthy rebound after hitting local lows?
Dogecoin (DOGE) Price Analysis
Dogecoin has bounced back from its crucial support at $0.1, which has rekindled hopes of a fresh uptrend. However, the price failed to secure levels above the local high at $0.127, raising concerns about the next price action. The tokens are facing extreme upward pressure, suggesting that more bearish action could be ahead.
After failing to secure $0.22, the DOGE Price may fail to hold the support at $0.1 in the coming days. The price consolidated just below the resistance at $0.1274 throughout the second half of June, which resulted in a 20% pullback. A similar consolation is currently taking place and thus a similar outcome can be expected later on. The RSI has displayed a bearish divergence, while the DMI has also undergone a bearish crossover and the ADX has also plunged.
Therefore, Dogecoin price could test the support at $0.1 and if the bulls fall, a more downward trend could follow.
Shiba Inu (SHIB) Price Analysis
Shiba Inu Price SHIB price has failed to gain the required momentum as prices are constantly forming lower highs and lower lows. This suggests that the price is stuck under a huge bearish influence, which could lead to a 40% pullback in the next 7-10 days. However, if the bulls manage to hold the lower support, then SHIB price could restart a rebound, while the intensity could be restrictive.
SHIB price is moving within a descending parallel channel as the bears have captured the rally before testing the upper resistance. Currently, the MACD is indicating a decline in selling volume, while the RSI is displaying a bearish divergence. Therefore, SHIB price seems likely to touch the channel’s lower support at $0.0001. However, if the bulls manage to hold the channel’s middle bands at $0.0001630, the bearish trajectory could differ to some extent.
Therefore, Shiba Inu (SHIB) price continues to remain under bearish influence and thus the lower target seems to have been activated.