Dogecoin And Shiba Inu Are In Trouble! Can It Recover After 30 Days of Decline?

The Crypto-verse continues to struggle to regain momentum as top tokens significantly erase value from their investment portfolios. Furthermore, leading tokens have dropped below their crucial support levels, indicating increased uncertainty in price action. With the extremely volatile market, investors are closely monitoring the charts of the top memecoins. In this article, we have explored the market psychology and short-term price analysis of Dogecoin (DOGE) and Shiba Inu (SHIB). Dogecoin (DOGE) The price of Dogecoin has decreased by 1.58% in 24 hours with a trading volume of $1.115 billion. Furthermore, it has lost 33.11% in the past month and has a year-to-date profit of (YTD) at -16.16%. With a market capitalization of $39.224 billion, it has a dominance level of 1.2695%.

The 50-day EMA line shows a downtrend in the daily timeframe. On the other hand, the 200-day EMA acts as a strong support in the DOGE price chart. With the RSI indicator hovering below the neutral trend line, this memecoin implies an increase in price volatility. Reclaiming the resistance level at $0.2650 may set the stage for Dogecoin to target the highest level of $0.3250. Conversely, if the bear camp maintains dominance, this meme coin could revisit the low of $0.20750 in the near future. Are you curious to know if the price of DOGE will reach $1 in 2025? Read CoinPedia's latest Dogecoin price prediction today to explore the mysteries that may unfold in the long term! Shiba Inu (SHIB) Despite recording a ~3% increase in the past seven days, memecoin SHIB has lost 29.53% in 30 days and has a YTD profit margin of -24.05%, indicating the long-term downward trend of memecoin in the cryptocurrency space.

The (MACD) convergence/divergence indicator shows a green increasing chart in the daily timeframe with the moving averages recording similar price action. However, the 50/200-day EMA records bearish price action in the SHIB price chart, indicating a mixed sentiment towards the 2nd largest meme coin. Assuming the market supports the buying side, in that case, the price of Shiba Inu will surpass the immediate resistance level of 0.0000170 dollars and head towards the highest level of 0.00002350 dollars. However, a reversal in price decline could pull the price back to as low as 0.00001175 dollars in the near future.