CryptocurrencyPrice Analysis

Dogecoin and Shiba Inu Drop 4% Each for 2nd Consecutive Day

The leading meme coins slumped once more, losing 4.4% as overall market sentiments turned pessimistic today.

  • The past three days saw Shiba Inu losing more than 14% to $0.00001015.
  • Meanwhile, Dogecoin managed to steady beyond $0.06.
  • The meme coins have a combined value of $14.1 billion.

Meme tokens weren’t an exception amidst today’s bearish wave that underpinned Ethereum and Bitcoin beneath $1.1K and $20K, respectively. The leading canine-themed crypto Shiba Inu and Dogecoin saw massive declines over the past 24 hours, with SHIB even surrendering its 13th position to Tron.

Shiba Inu Took the First Shot

Shiba Inu has confused investors and traders with its trajectory amidst volatility. SHIB successfully erased the June crash following a somewhat complete recovery as the month ended. Nevertheless, the alt saw another hit during this publication, losing 14.74% of its value.

Unsurprisingly, the trends appear to shift for SHIB, with the Parabolic SAR confirming such tendencies. The index’s white dot changed their spots beyond the candlesticks. That indicated a decline that most cryptos are yet to witness.

The RSI (Relative Strength Index) shows SHIB has remained within the neutral-50 since 21 July, with spikes in all directions but could not materialize. That would likely see Shiba Inu stretching lower as bearish momentum maintain upside trends.

DOGE Heading There Too

Elon Musk’s favorite hasn’t performed well either, with Dogecoin losing over 14% within three days. The alt trades at $0.06 and inching closer to plummeting towards price levels explored during the June market-wide crash.

While publishing this content, most signals suggest the start of a decline than a rebound, with the MAC flipping the prevailing bias to bearish after exhibiting bullishness for nearly a month.

Moreover, the signal line crossed beyond the Moving Average Convergence Divergence, executing a bearish move. Also, the indicator’s bars flipped beneath the neutral line, suggesting bearishness.

Some recovery chances had Dogecoin reclaiming the 50-day SMA (Simple Moving Average) as support, though missed by a thread. That saw the MA remaining as resistance, dragging prices further below. Also, broad market bearishness support downsides for the meme coin.

Stay tuned for the latest crypto news.

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