Will DOGE And SHIB Price Lose Momentum?

Following the recent market crash that saw Bitcoin’s price drop to a low of $53,000, meme coins were relatively less affected. That said, over the past seven days, meme coins have seen a significant drop in market cap. This has led to a decline in whale interest in major meme coins such as Shiba Inu and Dogecoin, which could threaten their buying dominance in the coming hours.

SHIB and DOGE Prices Challenging Buyers

In the past 24 hours, traders on both sides have triggered significant liquidations in Shiba Inu and Dogecoin, with Dogecoin experiencing nearly $710,000 in total liquidations, with around $400,000 of that coming from the liquidation of short positions, according to Coinglass.

Meanwhile, Shiba Inu saw a total of $216,000 liquidation, with long positions making up around $122,000 of that. These moves have led to increased volatility in the prices of both SHIB and DOGE recently.

Data from IntoTheBlock shows a noticeable drop in whale activity for both Dogecoin and Shiba Inu: The number of large transactions for Dogecoin dropped from a high of 1,210 to 788. Similarly, the number of large transactions for Shiba Inu dropped from a high of 199 to just 84.

This decline in interest from whales has weakened market sentiment towards DOGE and SHIB, increasing selling confidence and may further intensify in the coming hours.

Dogecoin Price Analysis

Dogecoin’s recent rally has failed to reach the crucial $0.12 breakdown level, indicating that bears are aggressively selling off even the slightest price gains. However, buyers are eyeing a surge above the immediate Fibonacci channel in the coming hours. At the time of writing, DOGE price is trading at $0.107, down more than 0.2% in the past 24 hours.

The bulls are likely to strongly defend the price range between $0.10 and $0.08 as a breakout from this zone can send the DOGE/USDT pair down to $0.06. A further drop can significantly delay the start of the next uptrend.

If the price recovers from the current position, the bears are expected to resist the upside at $0.12. However, if the buyers can break out of this resistance, the pair can move towards the 50-day SMA at $0.14, which will indicate a potential change in the short-term trend.

Shiba Inu Price Analysis

Shiba Inu recently attempted to rise above the bears and surge above $0.0000177. However, sellers strongly defended the surge above that level, and sustaining this momentum has proven difficult for the bulls. At the time of writing, SHIB price is trading at $0.00001637, having surged over 0.06% in the past 24 hours.

The bears are now attempting to drag the price back into the bearish zone and if successful, it could indicate that the recent surge was misleading and the price could remain around the $0.000012 level for an extended period of time.

Conversely, if the price bounces off the current position and rises above $0.000019, it will suggest buying interest at lower levels. Such a move could push the SHIB/USDT pair towards $0.000030.

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