DOGE and SHIB Face Price Drops, Yet Indicators Suggest Potential Recovery
The Essentials in Brief
The cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced significant price drops in the last week. However, despite these setbacks, market indicators and improved sentiment among investors indicate that a trend reversal could be possible. Here you will learn what is happening behind the scenes with these two popular memecoins and what developments can be expected in the near future.
Price Drop for Dogecoin and Shiba Inu
According to CoinMarketCap, DOGE and SHIB suffered substantial losses last week. Dogecoin lost over 13% of its value, while Shiba Inu even fell by more than 14%. These declines led to a reduction in their market dominance. Despite this negative development, there are signs of a possible recovery. Ki Young Ju, a well-known crypto analyst, pointed out a decline in memecoin dominance in recent months, which could indicate a market calming.
Market Indicators and Sentiment Analysis
An analysis of data from Santiment showed that despite the price drop, the weighted sentiment for both coins has improved, indicating a decreasing bearish trend. In addition, the social volume increased, meaning these coins continue to be heavily discussed. Particularly for Dogecoin, the Relative Strength Index (RSI) indicates a possible trend reversal, while the MACD still sends bearish signals. For Shiba Inu, however, an increase in the NVT ratio suggests a possible overvaluation and thus further price drops.
Future Prospects for DOGE and SHIB
The technical analysis suggests that Dogecoin could soon reach the $0.14 mark again in the event of a trend reversal. Should the bearish trend continue, however, a further decline to $0.117 could be imminent. For Shiba Inu, the outlook is somewhat more bearish, although the indicators show a high probability of a trend reversal. This could lead to short-term price increases, although long-term forecasts should be viewed with caution.
Our Assessment
The recent price drops for Dogecoin and Shiba Inu have alarmed many investors, but the improved market indicators and sentiment could indicate an imminent recovery. It is important to keep a close eye on developments and be aware that the crypto market is highly volatile and unpredictable. Long-term investments should therefore be well thought out and based on sound analyses.
Sources
– AMBCrypto
– Santiment
– CoinMarketCap
– Glassnode
– TradingView
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