Dogecoin and Shiba Inu: Contrasting trajectories unfold

• Dogecoin (DOGE) has experienced a notable 15.52% gain over the past week.
• SHIB’s performance has seen a modest increase of 1.58% in the past seven days.
• DOGE’s potential future interest levels may lie between $0.08074 to $0.08249.

Dogecoin (DOGE) and Shiba Inu (SHIB), the two prominent meme cryptocurrencies, are at a crucial juncture as their respective future trajectories may diverge. DOGE has experienced a tumultuous journey, reaching $0.08, propelled by a notable 15.52% gain over the past week.

However, SHIB has experienced a different level of fortune. As per CoinMarketCap data, SHIB’s performance over the past seven days has seen a modest increase of 1.58%.

Dogecoin (DOGE)

At $0.080, DOGE witnessed trading activity, prompting crypto analyst Michaël van de Poppe to share on Twitter that the meme coin’s potential future interest levels may lie between $0.08074 to $0.08249.

Dogecoin is experiencing heightened volatility, evident from the extreme levels observed in the Bollinger Bands (BB). However, it is worth noting that the ongoing upward trajectory of DOGE has encountered significant selling pressure at the $0.082 mark.

Subsequently, upon the convergence of the upper Bollinger Band with the DOGE price, there is a potential for the coin to reestablish its position at the previous support level of $0.0737.

In the event of a retracement in DOGE, the subsequent decline is expected to be brief due to the influence of the On-Balance Volume (OBV). As of the current moment, the OBV has surged to 71.15 billion. A decrease in the OBV would indicate negative volume pressure, leading to a downward price movement. However, the fact that DOGE’s OBV has increased suggests a positive volume pressure, potentially driving the cryptocurrency to reach higher price levels at $0.08084 and $0.08249.

Shiba Inu (SHIB)

In the 4-hour SHIB/USD market, the bullish movement encountered a significant barrier at the price level of $0.00000789. The buying pressure that emerged at $0.00000760 has been effectively countered, resulting in a neutralization of the demand.

The Directional Movement Index (DMI) also suggests that SHIB’s current upward movement lacks significant strength. As of the time of this analysis, the +DMI (green) stands at 20.17, while the –DMI (red) is at 11.36. This value disparity indicates that buyers have exerted greater influence over the market than sellers in the recent past.

Nevertheless, the Average Directional Index (ADX) has revealed a notable need for more buying authority. Currently, the ADX (yellow) stands at 15.72, indicating a relatively feeble directional strength. A robust directional strength is typically depicted when the ADX reaches 25 or higher.

However, once the ADX drops below the threshold of 25, it indicates a lack of significant directional strength. This was precisely the scenario observed for SHIB, suggesting a relatively weak market trend in cryptocurrency.

Moving ahead, a promising outlook exists for DOGE to surpass the $0.082 mark, indicating potential growth. Conversely, SHIB is anticipated to experience a downward trajectory, potentially leading to a decline in its value.