Dogecoin and Shiba Inu are gaining value as the bear market continues. While both memecoins appeared on the course for a higher move, the current charts are no longer playing in their favor. After significant price action over the past few days, they appear to have hit a supply zone that could lead to a correction.
Dogecoin and Shiba Inu increased by almost 50%
While the encryption sector is currently in its infancy, some cryptocurrencies are managing to stand out. Large market capitalists are suffering from the bottom of the market and their prices are falling a little more every day. Meanwhile, small cryptocurrencies manage to stand out and create surprises.
Following the collapse of the markets, many analysts predicted the collapse of several crypto assets, including Shiba Inu (SHIB). In fact, more and more experts believed that it would never rise again and soon disappear. Against all odds, this cryptocurrency has created a bullish spike over the past ten days that has surprised every investor. In fact, the signal has risen 55% since June 18th.
While SHIB created the surprise, the Dogecoin on its side also made a 47% rebound during this same period. The crypto that presented a rather pessimistic course literally exploded after Tesla CEO Elon Musk left. Both joke-based cryptos take advantage of the achievement of creating green tokens and the entire market in red. However, the price of these assets may fall again in the coming days due to certain circumstances.
Can DOGE and SHIB survive the resistance?
The crypto sector is vulnerable due to its volatility. Nothing is stable and prices can change in just a few hours. After posting significant gains for 10 days, Shiba Inu and Dogecoin have exhausted early signals. In fact, the signs are not optimistic and the daily charts show significant areas of resistance.
Sequential Tom DeMark (TD) is currently pointing out that the daily charts of both bases have a sell signal. One to four candlestick corrections could be made as the bearish formations developed into nine green candles. Based on the trading history, Dogecoin presents a pessimistic view since the resistance is above the support. So any signs of weakness may increase the downward pressure behind the signal.
The Shiba Inu is also facing $ 0.000012. In the event of a surge, market participants will still be able to try to sell their signals to balance. However, this would limit the ability of the signal to continue to rise. However, Dogecoin could advance to $ 0.089 if it can print a daily close at $ 0.079. SHIB may also increase the likelihood of a rally to $ 0.000015 if it cuts to $ 0.000012.
Samecoins Shiba Inu and Dogecoin have seen their price rise over the last ten days. However, this is not enough to explode them. In fact, sectoral volatility is back in place. While everything seemed to be going well, the charts are showing bearish formations that could trigger a correction. Negotiators should, therefore, pay attention to air resistance in the event of any signs of invalidity.
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The world is changing and adaptation is the best weapon to survive in this turbulent universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and share an interesting field for me, there is nothing better than writing informative and reassuring articles at the same time.