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Dogecoin (DOGE) and Shiba Inu (SHIB) Face Market Pressure, Are They Poised for a Breakthrough?

Dogecoin (DOGE) and Shiba Inu (SHIB) Face Market Pressure, Are They Poised for a Breakthrough?

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In the constantly evolving world of cryptocurrency, the market has recently experienced a noticeable downturn. Bitcoin (BTC), the flagship digital currency, has seen its value dip to the $36,000 level, reflecting a broader market slump that also affected Ethereum (ETH), which lost its foothold above the $2,050 mark. This decline occurred despite a seemingly favorable economic climate, marked by a lower-than-anticipated US CPI annual inflation rate of around 3.2%. Adding to the mix, meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have also felt the pinch, landing in the red after recent trading sessions.

Both assets, often driven by social media trends and celebrity endorsements rather than fundamental factors, have mirrored the market's volatility. DOGE, once hovering around $0.07, and SHIB, at a fractional cent value, both experienced a slight decline of approximately 1.5% in their prices. Amidst this backdrop, a new contender has emerged, capturing the attention of the crypto community – ScapesMania (MANIA).

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Investor Loyalty in the World of Dogecoin (DOGE) and Shiba Inu (SHIB)

The meme coin market, always buzzing with activity, presents a curious tale of Dogecoin (DOGE) and Shiba Inu (SHIB). Recent data from IntoTheBlock paints a mixed picture. SHIB investors seem to be in a tight spot, with a mere 25% seeing profits and a hefty 71% bearing losses. In contrast, DOGE appears more favorable, with over half of its investors in profit. Despite these differences, both coins share a remarkable trait: the steadfast loyalty of their investors, with more than 70% holding their ground for over a year.

But there's more to the story: Shiba Inu (SHIB), despite its current gloom, is showing signs of potential. Its transactions over $100K are outdoing those of Dogecoin (DOGE), indicating a growing interest from larger investors. In distinction, DOGE maintains a steady pulse in its community, buoyed by its popularity in the West and celebrity endorsements.

The plot thickens with SHIB: the project's lead, Shytoshi Kusama, recently teased about potential CEX partnerships and developments, but left out the juicy details. This secrecy has set the Shiba Inu (SHIB) community abuzz with speculation. Adding to this, Shibarium is seeing a surge in transactions, nearing a 4 million milestone. 

These mysterious developments leave us wondering: what's next for Shiba Inu (SHIB) and Dogecoin (DOGE) in the ever-twisting saga of meme coins?

Dogecoin (DOGE) Technical Analysis

Despite a small downturn recently, Dogecoin (DOGE) has climbed approximately 23% in the past month. This performance is particularly noteworthy considering that the meme coin is currently trading nearly 90% below its all-time high of $0.73158, reached back on May 8, 2021. The last 24 hours have seen a decrease in trading volume by 13%, landing at around $909M, signaling a slight decline in market interest.

Source: TradingView

Technically, the current position of DOGE is between key support and resistance levels: it finds immediate support at $0.06981, while the first significant hurdle lies at $0.07522. Additionally, the MACD indicators show stalling at $0.07764 and $0.07425, while price action recently crossed the 9-day moving average at $0.07315, suggesting a potential shift in momentum.

In a bullish scenario, if Dogecoin (DOGE) successfully breaks through $0.07522 and maintains this upward trajectory, it could challenge the subsequent resistance at $0.07827 and the highest near-term resistance at $0.080621, which is just shy of the 1-month high of $0.08169. Such a breakout would signal growing investor confidence and could further fuel the rally. 

In contrast, a bearish outcome would see DOGE breaking below $0.06981. If this decline continues, it could target $0.06746 and potentially $0.0644 which aligns with the lowest near-term support. A drop below these levels could indicate a shift towards a more negative market sentiment, particularly if the trading volume continues to decrease. 

Shiba Inu (SHIB) Technical Analysis

Despite being 90% lower than its all-time high of $0.0000862 recorded in late October 2021, Shiba Inu (SHIB) has managed to maintain an upward trajectory, climbing nearly 20% over the past month. However, a recent dip in trading volume, with a 15% decrease in the last 24 hours to about $193 million, suggests a cooling in market activity.

Source: TradingView

Technically, SHIB is trading between a pivotal support level at $0.000008 and the closest resistance point at $0.0000087. Key indicators like the MACD oscillator and moving average hint at a stalling momentum around $0.0000085, a crucial level for short-term direction. The crossing of the price over the 9 and 18-day moving averages at $0.0000083 and $0.000008, respectively, adds layers to the current scenario. 

These movements, combined with the broader market context and the recent performance of SHIB, paint a picture of a cryptocurrency at a potential turning point, teetering between continuation of its recent gains and a pullback to lower support levels.

In a bullish scenario, if Shiba Inu (SHIB) manages to break above $0.0000087, it could pave the way for a test of the higher resistance levels at $0.000009 and $,0.0000094 potentially targeting the 1-month high near $0.0000096. 

On the flip side, a bearish outlook would see SHIB retreating towards $0.000008. Should this level fail to hold, further downside to the second support point at $0.0000076 or even the third support at $0.0000073 could be on the cards.

Closing Thoughts

In the whirlwind world of meme cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB) continue to ride the rollercoaster of market trends. DOGE, known for its resilience, is currently teetering on a seesaw of market sentiment. Its technical indicators suggest a balancing act between key support and resistance levels, with the possibility of either a breakout towards higher resistance or a retreat to lower support.

SHIB, on the other hand, stands at a crucial juncture. Its trading activity between pivotal support and resistance levels and recent decline in volume point to a critical moment for the coin. So the fate of Shiba Inu (SHIB), whether it continues to ride the wave of its current upward trend or falls under the weight of market pressures, is still up in the air.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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