SHIB and DOGE are bearish today but for different reasons.
DOGE Price Analysis And Price Prediction
DOGE price created a double top on the charts today to indicate increased selling pressure. DOGE has bounced between the $0.2126 and $0.2275 range over the past 48 hours, indicating extreme volatility. Its trading volume is now valued at $2.5B, representing a 149% increase. Also, its overall market evaluation is now about $28.45B. DOGE’s 4-hour chart indicates the possibility of a massive retracement.
DOGE 4-hour chart. Source: TradingView
DOGE had previously consolidated over the $0.216 price for many days before establishing a low point at $0.187. The bearish movement seen today results from DOGE’s second rejection of the upside, which made it dip and continue on a downward trend.
The first rejection happened yesterday, while the second rejection occurred overnight and into this morning. Likely, DOGE will still dip again because the bears would be seeking another higher low exit point. DOGE had slackened in the last 30 days despite performing excellently over 11 weeks leading to October 29, when the decline started.
Its price movement depicts a descending channel and a down-trending triangle. It has lost almost 45% of its value between late October and November. The RSI indicates bullishness, but it is heading towards the overbought region. As of this writing, DOGE is down by 5.1% and currently trades at $0.205.
SHIB Price Analysis And Prediction
Similarly, SHIB is bearish today, but the reason was not unconnected with the fed chair’s remarks yesterday. Powell revealed yesterday that the country’s apex bank is planning to hasten its bond purchase withdrawals in a move that might lead to a rise in inflation. After the news, SHIB’s price dipped by almost 9% after the news was released.
SHIB’s V-Shape Top Pattern
After losing almost 9% following yesterday’s hawkish remarks by the fed chair, SHIB price has established a V-shape on the chart patterns. If SHIB maintains this shape, then its price would likely keep dipping and possibly decline by another 14%.
Furthermore, the MACD also indicates a downtrend. It would be recalled that it was the MACD that pointed out that SHIB’s market sentiments have turned bearish following the crossing of the 12 EMA underneath the 26 EMA. The bearishness would become more pronounced as the MACD looks set to enter the negative zone.
An Upswing Might Be Possible
However, an upswing might occur provided SHIB can close over the 100 2-hour SMA. This could push SHIB to surge the crucial $0.00004822 resistance. Keep in mind that SHIB has currently established support as it trades over the 50- and 100-day SMA.
This established support may prevent SHIB’s price from going below the support prices from the V-shape correction discussed above, no matter the intensity of the selling pressure. SHIB has lost almost 50% of its value after setting a new peak price two months ago. The intense selling pressure has caused the ‘DOGE killer’ to decline by 33% over the last 30 days. As of this writing, SHIB’s price is about $0.0000471.