The recent turbulence in the market have significantly affected meme coins, causing their total market cap to fall below $70 billion. While some altcoins and meme coins have shown a lot of price fluctuations, Shiba Inu & Dogecoin, in particular, are having a hard time stabilizing their prices. However, some experts believe that the ongoing consolidation in the prices of DOGE and SHIB, especially during a dip, could trigger a strong recovery ahead.
Dogecoin and Shiba Inu Silently Gain Momentum
According to data from Coinglass, Dogecoin saw a significant amount of liquidation in the past 24 hours, with around $6.77 million in DOGE positions being closed. This included about $3.55 million sold by buyers and $3.22 million by sellers. Meanwhile, SHIB experienced about $137,000 worth of liquidation, with buyers accounting for $73.5K of that total.
Also read: Cryptos to Lookout For the Coming Week: HBAR, ONDO, & QNT Price to Explode Soon
Despite these liquidations, the prices of both meme coins have remained stable, which could indicate a potential rally ahead. Analysts suggest that this stability might be the calm before a storm, as large investors continue to buy SHIB and DOGE during the recent price dip. This buying could strengthen support levels and potentially lead to a sharp increase in the prices of Dogecoin and Shiba Inu.
Dogecoin Price Analysis
Dogecoin price made a sharp decline from the $0.3 mark, which suggests that the bears have turned this level into resistance. Bears are dominating as DOGE struggles in surging above immediate resistance of $0.26. As of writing, DOGE price trades at $0.254, surging over 1.47% in the last 24 hours.
The selling pressure continues to be dominating below the $0.30 level. However, buyers have built a strong support around $0.2 as it forms an accumulation zone. Any recovery is likely to encounter selling pressure at the previous support now turned resistance level of $0.30. If the price continues to hold below that level, the bears might push the DOGE/USDT pair below $0.20.
Conversely, if Dogecoin breaks and holds above $0.30 following ongoing accumulation, it could indicate that the bears are losing control. This could mean that a bottom has been established, pushing the DOGE price toward $0.34.
Shiba Inu Price Analysis
SHIB price is attempting for a recovery as the price aims for a surge above the EMA50 trend line. However, the price of SHIB continues to face resistance. Currently, the SHIB price is at $0.000015, having surged over 0.24% in the last 24 hours.
The SHIB/USDT trading pair remains under the downtrend line, showing strong selling pressure from bearish traders. This price level may continue to be a significant barrier, as short-term holders (STHs) might opt to sell off their positions at this level.
However, we expect the SHIB price to retest its resistance at $0.00001717. If the price stays above the EMA20 trend line on the 1-hour chart, buyers could attempt to send it toward $0.000022.
With the Relative Strength Index (RSI) remaining below the midline at 40, there could be a drop toward $0.000012.
