Cross-border markets saw strong declines, with major cryptocurrencies recording double-digit declines. Moreover, the Memecoin category was the most affected, with the sector’s valuation falling 11.48%. Since then, both Dogecoin and Shiba Inu have earned a spot on the top losers list.
Considering the current market conditions, investors are concerned about the question, “Is now the right time to invest in MEMCOIN?” and “Can Dogecoin recover?” This article provides the latest market sentiment, price analysis, and possible price targets.
Dogecoin (DOGE)
DOGE coin price experienced a strong bearish reversal at the important resistance level of $0.3850. This resulted in a 10.83% decline over 24 hours to $5.458 billion in trading volume. However, its market capitalization exceeded $51 billion, maintaining its 7th place.
The Relative Strength Index (RSI) shows a sharp decline as the average trend line experiences a negative convergence. However, with the 50-day EMA acting as support, DOGE coin price suggests a mixed price movement.
If the bulls gain momentum again, Dogecoin price will likely retest the $0.385 resistance level this week. Conversely, if the downtrend drags the uptrend, this meme coin could plummet to a low of $0.325.
Curious about the long-term price outlook for memecoin, the largest coin by market capitalization? Read CoinPedia’s Dogecoin price prediction to explore the possibilities!
Shiba Inu (SHIB)
SHIB price recorded a correction of ~10% in 24 hours with a trading volume of $814.28 million. The Shiba Inu Meme Coin has fluctuated less than 1% this year, despite rising 2.86% in seven days.
Moving Average Convergence Divergence (MACD) records a steady decline in the green histogram along with a strong bearish convergence. Moreover, the SMA indicator shows similar price movements, suggesting a negative outlook.
Assuming a trend reversal occurs, in which case Shiba Inu Coin price will head towards the upper resistance level of $0.00003080. Conversely, a strengthening downtrend could push the price as low as $0.0000170.
Are you wondering if it is the right time to invest in SHIB memecoin? Read our Shiba Inu price prediction to understand the possible long-term outlook!
Frequently Asked Questions
Amid continued uncertainty in cross-border financial markets, the cryptocurrency industry has experienced significant declines.
Considering historical market sentiment, DOGE price has a positive long-term outlook, making it a potential investment.
It is highly unlikely that this memecoin will reach this milestone with its current circulating supply.