The cryptocurrency markets have been experiencing a significant sell-off following Bitcoin reaching highs of $108,000. However, it seems that investors have been exiting meme coins like Dogecoin and Shiba Inu even before the BTC crash, as these tokens are struggling to rise above their resistance levels while other coins are rebounding.
Dogecoin (DOGE) Price Analysis
After a rough few days, Dogecoin has seen a major decline this week. The price dropped below $95,000, dragging the market down with it to around $0.26 from its previous highs of $0.32. Although the price has managed to climb back above $0.31, the rally still appears to be influenced by bearish sentiments.
Looking at the weekly chart, it is clear that the price is still under bearish pressure. However, there is a possibility of a bullish reversal if the bulls can maintain support at $0.33 until the end of the week. Failure to do so may result in a drop below $0.2 amidst heavy sell-offs. The ADX indicator is currently bearish, with levels indicating a potential bearish trend. A close above $0.35 could potentially invalidate the bearish trajectory.
Shiba Inu (SHIB) Price Analysis
Shiba Inu has fallen below a rising wedge pattern, causing a more than 30% drop in price. While a rebound may seem likely, technical indicators suggest otherwise. The price could be at risk of a further correction, potentially dropping below $0.00002.
The MACD indicator shows a decrease in buying volume, with levels approaching a bearish crossover. However, the Ichimoku cloud is turning bullish, signaling the possible end of the bearish trend. A bullish crossover between the base and conversion lines could further invalidate the bearish trajectory.
In conclusion, both Dogecoin and Shiba Inu are facing challenges in their price rallies. The coming weekend could be crucial in determining the future price action for these tokens in 2025. Investors should closely monitor the market trends and indicators to make informed decisions regarding their investments in these meme coins.