Shiba Inu And Dogecoin Prices Face a Rising Bearish Threat: Can Bulls Defend Support Levels?

Dogecoin and Shiba Inu have experienced mixed performance over the past few days, yet analysts are bullish about the upcoming trend of these memecoins, citing fundamental developments. As Bitcoin price continues to face bearish pressure around the $64K mark, Dogecoin and SHIB prices struggle in initiating a rebound above support level.  

Fundamental Factors Might Boost SHIB And DOGE

Recent large transactions in Dogecoin have drawn attention, with two transactions exceeding 228 million DOGE each, totaling $68.7 million, transferred from an unidentified wallet to Coinbase. 

These could signal upcoming developments, potentially a new listing for DOGE futures on Coinbase. In related news, Shiba Inu has announced an upcoming upgrade for Shibarium, scheduled for launch on May 2. This upgrade aims to enhance the user experience by improving block processing times and transaction fee predictability, making the platform more user-friendly and cost-effective.

Institutional investment in meme coins is increasing, as seen by Symbolic Capital Partners adding Shiba Inu to their portfolio. It now constitutes 2% of their total assets, worth $1.7 million out of $86 million, according to data from Arkham Intelligence. This trend indicates a rising interest from institutional investors in meme coins, which could lead to higher market valuations over time.

These fundamental developments might help SHIB and DOGE prices in triggering a buying momentum above their support lines.

Dogecoin (DOGE) Price Analysis

Dogecoin price has been facing bearish pressure in surging above the immediate resistance channel, resulting in a consolidation around the $0.15 mark. However, buyers continue to defend support levels, holding promises of a comeback. As of writing, DOGE price trades at $0.15, declining over 1.1% in the last 24 hours.

Buyers are struggling to drive the price beyond the resistance area defined by the 200-day EMA and the downtrend line. Should the price drop further, sellers might attempt to push the DOGE/USDT pair down to $0.13.

Conversely, if buyers can push the price through this resistance area, it could indicate the end of the correction phase. The pair might then aim for a climb to $0.21, where sellers are likely to create a strong defense.

Shiba Inu (SHIB) Price Analysis

Shiba Inu is attempting to break the descending resistance line multiple times; however, sellers are strongly defending a surge. As a result, we might soon see a retest of the weekly lows in order to validate a clear trend. Currently, SHIB price trades at $0.000025, declining over 1% in the last 24 hours.

A breakthrough of the trend line indicates an end to the corrective phase, potentially sending the SHIB/USDT pair towards $0.000033, followed by an attempt to reach the strong resistance at $0.000039.

On the other hand, a sharp downturn and break below the $0.000024 could imply that the buyers are liquidating near peaks. This scenario could see the pair declining towards $0.000020.