Amid the recent cryptocurrency price decline, leading memecoins like Dogecoin and Shiba Inu are under significant pressure. The sell-off began after Bitcoin reached its all-time high, affecting the entire market.
Cryptocurrency Market Overview
The cryptocurrency market is experiencing a massive sell-off that started right after Bitcoin hit the peak at $108,000. However, Dogecoin and Shiba Inu began to decline even before this event. This might indicate that market participants exited the memecoin sector earlier and shifted to more significant tokens.
Dogecoin Price Analysis
The Dogecoin price has experienced a significant drop since the beginning of the week. The mid-week plunge of Bitcoin below $95,000 led to Dogecoin's price falling to $0.26 but later recovering to $0.31. Despite this, the price remains influenced by bearish sentiments. The weekly chart and the RSI index continue to form a similar pattern. If the bulls manage to hold the support at $0.33, a fresh upswing could be imminent. However, the ADX displays a bearish divergence, and a dip below $0.2 could trigger massive sell-offs.
Shiba Inu Price Analysis
The Shiba Inu price has fallen below the rising wedge, resulting in a spike in the token by more than 30%. However, technical indicators warn of a potential wider correction, which could drag the price below $0.00002. The MACD shows a drop in buying volume and an impending bearish crossover. Meanwhile, the Ichimoku cloud suggests the bearish trend may end soon. A bullish crossover between the base and conversion lines might invalidate the bearish outlook. Thus, SHIB's price remains in a decisive phase, and trades until the weekend may greatly impact future price actions by 2025.
The cryptocurrency market continues to experience turbulent times. Dogecoin and Shiba Inu face challenges despite some recovery. Despite the current bearish sentiment, significant future changes are expected, with further market events being key.
