- The prices of DOGE SHIB and SHIB dropped by 14% and over 13 %, respectively.
- SHIB Bulls and DOGE Bulls may be able to take the market by storm, according to recent indicators.
Top memecoins, such as Dogecoin [DOGE] The following are some examples of how to get started: Shiba Inu [SHIB] The most severely affected are the following:
These top memecoins have also seen a steep decline in popularity. Do these memecoins face a price drop?
Dogecoin, Shiba Inu and Shiba Inu shed
CoinMarketCap’s data Last week, the price of these top two memecoins dropped by double digits.
SHIB fell more than 14% in price, while DOGE dropped over 13%. DOGE traded at $0.1246 and SHIB was valued at $0.00001857.
The memecoins’ dominance fell along with their price.
Ki Young Ju recently posted an article on the popular cryptocurrency analyst. tweet The drop in dominance for memecoins over the last couple of months is highlighted.
AMBCrypto analyzed Santiment data and found that, despite price drops, SHIB’s sentiment improved as well as DOGE’s. It was evident that the bearishness of these memecoins had decreased over the previous few days.
The social media volume of Shiba and Dogecoin also increased. This suggests that the investors as a whole were also talking about them.
Doge, SHIB getting ready for an additional price cut?
Then, we looked at the daily DOGE chart to see what was in store for this memecoin. According to our analysis, DOGE’s Relative Strength Index registered an increase after it touched the oversold area.
It was a sign of a reversal in trend, and this could allow DOGE recover from its recent losses. MACD, however, showed that the bearish bias was evident in the stock market.
DOGE could soon regain $0.14, if bulls manage to reverse the trend.
In the event that the downward trend in price continues, it is possible for DOGE to fall as low at $0.117 over the next couple of days.
SHIB may have a better future, but DOGE could be in for a bleak one.
AMBCrypto analyzed Glassnode’s data, and discovered that NVT registered a rise after an abrupt decline. The metric indicates that the asset has been overvalued and may be due for a price decline.
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We then looked at Shiba’s chart to see if that was true. Our analysis showed that SHIB price touched the Bollinger Bands’ lower limit. This often leads to price increases.
Both SHIB’s Money Flow Index and Relative Strength Index registered increases. This indicated that SHIB could be on the verge of a major trend change.
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Source: ambcrypto.com