Bullish Reversal Under The Cards?

The cross-border market has witnessed a strong bearish action with major cryptocurrencies recording a double-digit drop. Moreover, the memecoin category is the most affected with an 11.48% drop in the segment’s valuation. Following this, Dogecoin and Shiba Inu have both secured a spot in the top losers list.

Considering the present market conditions, investors are concerned with questions such as “Is this the right time to invest in memecoins?” and “Will Dogecoin ever recover?” in this write-up, we bring the latest market sentiments, price analysis, and possible price targets.

Dogecoin (DOGE)

The DOGE coin price has experienced a strong bearish reversal at its important resistance level of $0.3850. This has resulted in it recording a drop of 10.83% in 24 hours with a trading volume of $5.458 billion. However, with its market cap of over $51 billion, it has maintained its 7th position.

The Relative Strength Index (RSI) shows a sharp drop with its average trendline experiencing a negative convergence. However, with its EMA 50-day acting as a support, the DOGE coin price hints at a mixed price action.

If the bulls regain momentum, the Dogecoin price will retest its resistance level of $0.385 this week. Conversely, if the bears drag the bulls, this meme coin could plunge toward its low of $0.325.

Wondering about the long-term price prospects of the largest memecoin by market cap? Read CoinPedia’s Dogecoin Price Prediction to explore the possibilities!

Shiba Inu (SHIB)

The SHIB price has recorded a correction of ~10% in 24 hours with a trading volume of $814.28 million. Despite recording a jump of 2.86% in seven days, the Shiba Inu meme coin has recorded a variation of less than 1% this year.

The Moving Average Convergence Divergence (MACD) records a constant decline in the green histogram with a strong bearish convergence. Moreover, the SMA indicator displays a similar price action, suggesting a negative outlook.

Suppose a trend reversal occurs, in that case, the Shiba Inu coin price will head toward its upper resistance level of $0.00003080. On the contrary, an intensified bearish action could pull the price toward its low of $0.0000170.

Wondering if it’s the right time to invest in SHIB memecoin? Read our Shiba Inu Price Prediction to understand the possible long-term prospects!

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