The crypto markets are turning bearish, as are the memecoins, mainly Dogecoin & Shiba Inu. While the DOGE price has dropped below important levels, the SHIB price is closer to adding another zero to its price. Hence, considering the market conditions, the upcoming couple of hours appear to be decisive for these tokens, which may drop another 20% to 25%, marking new monthly lows.
Dogecoin (DOGE) Price Analysis
- Dogecoin price soared high after marking the lows at around $0.063 and reached levels around $0.103
- Soon after, the trend reversed, and the price maintained an uncertain trend, which recently validated a bearish outlook
- After plunging below the 0.23 FIB levels, the price continues to trade around the 50-day MA levels and rising above that may trigger a decent rebound
- Besides, a plunge below these levels may drag the price to 0 FIB levels at $0.06, which may even form new lows very soon
Shiba Inu (SHIB) Price Analysis
- Shiba Inu price is trading within a decisive symmetric triangle and very close to the apex of the consolidation
- The trend appears to be extremely bearish as the RSI is heading towards the bottom and may also reach the lower support
- Therefore, the possibility of the price slicing through the support of the triangle and marking its presence around the lower support emerge
- However, the likelihood of a rebound at $0.0000904 appears to be high, as bulls have held these levels fairly tight in the event of an extended bearish trend.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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In a one-of-its-kind phenomenon in the financial markets, the popularity of memecoins, such as Dogecoin and Shiba Inu, have been increasing exponentially. While crypto-investors have been riding the wave of reduced volatility and sustained gains, the memecoins have been knocking out the predicted values determined by experts.
Until a few months ago, memecoins such as Dogecoin and Shiba Inu were only popular among a few crypto-savvy investors. But things have changed now. With sudden spikes in the memecoins’ market prices, more and more everyday investors have been drawn to these coins, hoping to make a quick buck. This sudden surge in popularity of memecoins has further reinforced the belief among the investors, who believe in the DeFi revolution, that these memecoins are also reliable because they bypass centralized authorities and functions autonomously.
But, what will happen in the near future? Will memecoins remain as popular as they are now? Or will the market heat, so to speak, become too intense and lead to an inevitable implosion?
The truth is that the memecoins have been enjoying incredible gains in the past few weeks. However, these gains are unstable. With the prices of Dogecoin and Shiba Inu plummeting due to market uncertainty, investors are beginning to get anxious and worry. The volatility of the prices coupled with the lack of additional ways to acquire the coins have further complicated the situation.
The situation is further aggravated by the fact that a few countries have either prohibited the use of these memecoins, or are skeptical of these coins and the decentralized financial system. For instance, The People’s Bank of China has made it clear that the digital yuan is to remain the country’s official legal tender, while Dogecoin, Shiba Inu and other similar coins are prohibited. Similarly, India has also issued an advisory against investing in cryptocurrencies as well as restricted banks from providing services to crypto-related businesses.
The future of these memecoins is uncertain. While we can hope that these coins will adjust to the market conditions and remain stable in the long run, the fact is that a much-needed reduction in volatility and proper regulations have to come into play for these coins to survive the market heat.
