The cryptocurrency market is experiencing a period of growth, but meme coins are struggling to attract buyers. Despite a surge in open interest, top meme coins like Dogecoin and Shiba Inu are facing strong selling pressure at key price levels. Both coins have shown multiple higher lows recently, indicating a potential short-term drop in their prices.
Even with a significant increase in open interest, Dogecoin and Shiba Inu have failed to see a corresponding price rebound. Dogecoin’s futures open interest has risen by 78% in the past week, reaching $3.03 billion. Shiba Inu’s open interest has also increased by more than 61% to over $246 million. Despite these numbers, the price of both coins continues to struggle.
In terms of price analysis, Dogecoin is currently trading around $0.2336, facing selling pressure around the $0.25 level. A pullback towards $0.21 could be on the horizon, with a potential bounce leading to a move up to $0.265 and possibly $0.32. On the other hand, a break below the 20-day EMA at $0.231 could see Dogecoin drop to $0.2.
Shiba Inu, on the other hand, is trading at $0.0000158, facing bearish correction below the $0.000017 level. Buyers are trying to hold the price above the EMA20 trend line, but selling pressure may increase. A move above $0.000017 could push Shiba Inu towards $0.000019, while a drop below $0.00001475 may consolidate the price around $0.00001225.
Overall, despite the struggles of meme coins in the current market, there is still potential for price movements in Dogecoin and Shiba Inu. Traders will be closely watching key support and resistance levels to determine the next direction for these popular meme coins.