Shiba and Dogecoin take a break as the cryptocurrency market consolidates

Shiba and Dogecoin take a break as the cryptocurrency market consolidates

Shiba and Dogecoin take a break as the cryptocurrency market consolidates

Key Insights:

  • Dogecoin maintained $0.06 as support despite the recent dip.
  • Shiba Inu made some recovery rising by 7.68%.
  • Bitcoin and Ethereum recovered today to trade at $20k and $1.1k, respectively.

The meme coin market saw increases as the larger crypto market started to rebound, bringing in around $64 billion in the previous 24 hours.

The market value increased to $14.6 billion from $13.9 billion yesterday, creating a solid comeback in the same time frame for DOGE and SHIB.

Dogecoin Needs Support Still

The king of meme coins As it has been following the general market trend, Dogecoin has been unable to maintain a rise. It will thus take some time for DOGE to make up the losses it suffered during the June downturn, notwithstanding the 4.9 percent increase shown in the recent 24 hours.

Neither are the pricing indications very upbeat. At the time of publication, the Bollinger Bands could be observed to be slightly diverging, which suggests that volatility may be about to rise. As a result, DOGE would be subject to price fluctuations.

Shiba and Dogecoin take a break as the cryptocurrency market consolidates

Any price swing would be in the negative direction as the candlestick is now positioned below the indicator's basis.

Additionally, the Relative Strength Index (RSI) isn't showing any encouraging signs. For more than two months, the indicator has been trapped below the neutral line, failing to move into the bullish zone. Therefore, DOGE's drop over the coming days is expected to continue.

Shiba Inu Outperforms Dogecoin in Performance

Yes, it did in comparison, but in terms of individual performance, SHIB is on level with DOGE's trajectory.

Holders of SHIB were undoubtedly happier than DOGE investors as a result of the 7.68 percent rise over the previous 24 hours. SHIB is expected to have some negative movement, nevertheless.

Shiba and Dogecoin take a break as the cryptocurrency market consolidates

The Parabolic SAR provides the first proof of the same. The indicator's white dots changed positions, moving from being below the candlesticks to being above them, signaling the start of a downward trend.

The investors could end up going back to their losses from about a month ago after observing an uptick for nearly three weeks.

Additionally, the MACD is about to begin a bearish crossing. SHIB can experience the same fate as DOGE and see a price decline if the bearishness (presence of red bars) grows.

This article was first published on FX Empire.

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