Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a significant drop in their value over the weekend, as the bearish trend in the crypto market continues. DOGE fell below a key price floor at $0.080, dropping to a three-week low at $0.07752 on Saturday. At the same time, SHIB also slipped to a multi-week low, reaching $0.00001012, its lowest level since March 11. The 10-day moving average of SHIB is also on the brink of a downward cross with its 25-day counterpart following a four-day losing streak.
The decline in DOGE and SHIB prices is a result of the recent bearish trend in the crypto market. DOGE, in particular, has been affected by the overall market sentiment, which has been negative due to rising concerns about the environmental impact of crypto mining. As a result, DOGE has lost more than 30% of its value since its all-time high in early May.
Despite the recent drop in DOGE and SHIB prices, some analysts believe that these meme coins still have the potential to rebound. The relative strength index (RSI) of DOGE is currently consolidating at 43.21, close to a support point at 42.00. If the RSI continues to move towards the next visible resistance level at 51.00, DOGE could soon be back above $0.090. Similarly, SHIB’s price strength is marginally above a floor of its own at 37.00, indicating that it could also rebound in the near future.
However, the future of DOGE and SHIB remains uncertain, as the crypto market continues to be affected by a range of factors, including regulatory scrutiny, environmental concerns, and market volatility. As such, investors are advised to exercise caution when investing in these meme coins, and to closely monitor the market for any significant developments that could impact their value.
In conclusion, the recent drop in DOGE and SHIB prices is a reflection of the overall bearish trend in the crypto market. While these meme coins still have the potential to rebound, investors should exercise caution and closely monitor the market for any significant developments that could impact their value.