- Dogecoin (DOGE) and Shiba Inu (SHIB) prices have declined in 24 hours.
- DOGE’s price decrease could lead to a potential downward correction.
- SHIB’s price drop could result in a shift to seller dominance.
In the last 24 hours, the prices of Dogecoin
Dogecoin (DOGE)
According to CoinMarketCap, DOGE experienced a 2.80% decrease in its price over the last 24 hours, resulting in a trading price of $0.06199. Despite this, the intraday trading volume for DOGE rose by approximately 5.96%. Consequently, the 24-hour trading volume for this altcoin was recorded at $238,007,814.
Over the previous fortnight, DOGE’s daily chart displayed a bullish ascending triangle. This formation indicated a potential attempt by the cryptocurrency to surpass the $0.06450 mark (the pattern’s base) in the forthcoming days. However, in the last 24 hours, DOGE’s price has breached below this triangle pattern, implying that the anticipated bullish trend might not occur.
Consequently, the meme cryptocurrency is vulnerable to a potential downward correction towards the subsequent support level of $0.05835 over the next week. This vulnerability could be lessened if DOGE surpasses the mentioned $0.06450 threshold in the coming days. This could potentially result in the altcoin escalating to a maximum of $0.07195.
Shiba Inu (SHIB)
In the last 24 hours, SHIB experienced a significant decline, dropping its price by more than 3%. This resulted in the meme cryptocurrency trading at $0.000007307, slightly above its daily low of $0.000007258. However, it’s worth noting that despite this downturn, SHIB’s price still recorded a 0.46% increase over the past week.
The value of SHIB has broken out of a favorable price channel established on its daily chart for the previous three weeks. As of the current update, the meme cryptocurrency is trading beneath this upward channel, indicating that the digital asset could decline to the immediate support level of $0.00000700 in the forthcoming week.
A notable bearish technical flag was also nearing activation on SHIB’s daily chart. As of the latest update, the daily RSI line was poised to move below the daily RSI SMA line. If these two lines intersect, it could indicate a shift in power to the sellers. As a result, the cryptocurrency price could fall to around $0.00000633 in the near term.
The negative outlook on SHIB could be negated if it manages to end a daily trading session above $0.00000755 within the forthcoming 3 days. Under these circumstances, the meme cryptocurrency could establish the base to ascend to the next resistance mark at $0.00000847 over the next two weeks.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
