Recent market turbulence has significantly affected meme coins, causing their total market cap to fall below $70 billion. Dogecoin and Shiba Inu are having a hard time stabilizing their prices, however, there is speculation that ongoing price consolidation could trigger a strong recovery.
Challenges for Dogecoin and Shiba Inu
According to data from Coinglass, Dogecoin experienced significant liquidations in the past 24 hours, with approximately $6.77 million in closed DOGE positions. This includes about $3.55 million sold by buyers and $3.22 million by sellers. Meanwhile, SHIB saw liquidations worth about $137,000, with buyers accounting for $73.5K. Despite this, price stability might indicate a potential rally as major investors continue to purchase SHIB and DOGE during the recent price dip.
Dogecoin Price Analysis
Dogecoin's price made a sharp decline from the $0.3 mark, suggesting that the bears have turned this level into resistance. Bears dominate as DOGE struggles to surge above the immediate resistance at $0.26. At the time of writing, DOGE trades at $0.254, surging over 1.47% in the last 24 hours. The selling pressure remains below the $0.30 level, but investors have built a strong support around $0.2, forming an accumulation zone. If Dogecoin breaks and holds above $0.30, it could indicate the bears' loss of control.
Shiba Inu Price Analysis
SHIB's price is attempting a recovery as it aims to surge above the EMA50 trend line but continues to face resistance. Currently, the SHIB price is $0.000015, rising over 0.24% in the last 24 hours. The SHIB/USDT trading pair remains under the downtrend line, demonstrating strong selling pressure from bearish traders. However, the SHIB price is expected to retest its resistance at $0.00001717.
In conclusion, while the current situation for Dogecoin and Shiba Inu remains volatile, there are still opportunities for growth. An upward trend may emerge if key support levels are maintained and buyers continue to make active purchases.
