Prices Fall 13%, DOGE and SHIB Rally Pauses. New Predictions
Prices fall by 13%, putting an end to the rallies of DOGE and SHIB. What are the new predictions?
Journalist
- Dogecoin maintained its support level while Shiba Inu Bears had a relatively higher success rate
- This week we expect the downward pressure to continue to increase.
Dogecoin [DOGE] Shiba Inu [SHIB] Both recorded losses of more than 15 percent since the morning of March 14th. Bitcoin has also suffered. [BTC] Whose bulls failed to defend the $70,000 mark?
Price action suggested that meme coins would continue to lose money, but long-term trends remained positive. Investors and traders may be concerned about the possibility of a long period of consolidation in the coming months and weeks.
Memecoins could see a stronger pullback
Source: TradingView, DOGE/USDT
The Dogecoin 12-hour chart shows the support level of $0.159 was held last week. The market structure has been bullish and will remain so until prices fall below $0.126.
However, the RSI has been trending downwards over the past ten days. At press time it was even close to falling below the neutral mark of 50. This would indicate a change in the bears’ momentum. In March, OBV recorded a slight decline, but this did not change the downward trend.
The Fibonacci levels suggest that the $0.1085, $0.0129, and $0.144 support levels would provide buying opportunities upon a retest. Investors should be aware of the possibility that DOGE could experience an extended period of consolidation after its recent rapid gains.
TradingView: Source for SHIB/USDT
Shiba Inu had a similar outlook to Dogecoin. Although sellers are not yet the majority, interest in meme coins is starting to wane. At press time, the 12-hour chart showed an RSI of 48.
If the price falls below $0.0000255, the market structure will shift downwards on shorter time frames. SHIB could fall to the 61.8% to 78.6% retracement level. Bulls were encouraged by the fact that OBV did not collapse in a dangerous manner.
On the higher time frames, bulls should be bullish on SHIB. However, a possible deep decline could provide a buying opportunity. You can also assess the shorter time frames to determine when the bulls are in control.
The beginning of March was the peak of on-chain sales activity
What is the current value of 1, 10 or 100 DOGE?
At the end of February, the two meme coins recorded huge gains – 382% for SHIB and 145% for DOGE. Shiba Inu experienced a massive dormant currency surge on March 2nd, while Dogecoin experienced a similar surge on March 6th.
The large movements of the tokens could indicate possible selling pressure from profit-takers. DOGE sentiment remained positive, but Shiba Inu behaved more neutrally on social media.
Disclaimer: This information is not intended as a source of financial, trading, investment or other advice. It is the author’s sole opinion.
