While the rises continue in the entire market, some technical analysts do not make heartwarming predictions about Dogecoin and Shiba Inu.
With Bitcoin (BTC) reaching $47,800 last night, we can say that the upward movements in the crypto money market continue without slowing down. Although Dogecoin (DOGE) and Shiba Inu (SHIB) are also on the rise, they seem to be unable to get the old support from social media.
Bearish Signals in Dogecoin
According to analysts, Dogecoin is currently at an important resistance point, and it is thought that failure to break this resistance could lead to a serious correction of 19%. Because the formed chart indicators give a bearish signal for DOGE. Therefore, although it has gained approximately 80% in value since its fall on July 20, it is stated that joke coin investors should be careful.
According to analysts evaluating the charts, the patterns formed in Dogecoin indicate that a pullback to $ 0.22, which corresponds to the 50-day Simple Moving Average (SMA), may occur.
In addition, although the Relative Strength Index (RSI) indicates that DOGE will continue to rise for a while, the Momentum Reversal Indicator (MRI) is also giving a bearish signal for the 7th largest coin in terms of market cap.
At this point, it should be noted that Dogecoin is trading at $0.28 as of the time of writing and has gained 7% in value in the last 24 hours.
Shiba Inu Can Stay Stable
Contrary to Dogecoin, analysts evaluating the charts state that the price of Shiba Inu may remain sideways for a while. However, breaking above key resistance levels could also enable SHIB to start its own rally.
According to the statements of analysts, there were indicators on the 4-hour chart of SHIB, which is in the 40th place in terms of market volume, giving a withdrawal signal before an increase. Therefore, according to the statements made, the Shiba Inu may stay flat or pull back a little before the next rally.
According to analysts’ statements, the biggest obstacle for Shiba Inu right now is the strong resistance at $0.000000819. If SHIB experiences an increase in interest and buying pressure, it could start a 16% rise.
In addition, the Shiba Inu is trading at $0.000080 as of the time of writing and is progressing with an increase of 3.6% in the last 24 hours.