The popular memecoins, Shiba INU & Dogecoin are currently displaying a similar price action that could end up in an interim bearish trend. Both the assets are currently in deep trouble as the bearish pattern has been extended from the past a long time. And as the flip always gets nullified very quickly, the strength of the rebound has weakened let
Shiba INU (SHIB) Price Analysis
After extending the descending triangle for more than 6 months, the SHIB price witnessed a breakdown which ended up in another 40% drop. However, this drop was fueled by the LUNA-UST crisis that compelled the price to visit the lows below $0.00001 levels for some moment. No doubt the price rebounded and surged to some extent, yet it appears that the bottoms may be tested again.
- As seen in the chart, the SHIB price is trapped within a deep bearish trend which has been extended from more than 6 months
- The recent market crash has dragged the price to 7-month low levels and currently consolidating just above the lows
- It appears that the price may undergo a 20% jump from these levels, but eventually, the price appears primed to hover within the same levels until the end of May’s trade.
- However, the price may undergo a minor upswing in the first few days of June but they may further again face a rejection.
- Here, the price may be pretty decisive and hence the next price action may be purely dependent on the volume induced
Dogecoin (DOGE) Price Analysis
On the other hand, the Dogecoin price also showcases the same volatility and similar rejections in a similar time frame. However, the price is expected to continue with the consolidation that may end up the asset in a decisive phase. Therefore, a small wrong move may drag the price towards its initial levels yet again.
- The DOGE price in the daily time frame appears to mirror the previous price movements that it followed since the beginning of April
- The price recorded 2 different spikes one upswing and the other toward the south, and further consolidated for a while until the next price action
- However, this time, the price underwent 2 massive price movements but in the same direction, towards the south substantiates the bearish trap
- Therefore, the price could hover within the accumulation zone for some more time until the rally strengthens for the next leg
- An upward trajectory may place the price somewhere above $0.1, while a drop may retest the bottoms