A widely-followed crypto trader warns against dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) as markets continue to show signs of weakness.
Pseudonymous analyst Altcoin Sherpa tells are 11,000 YouTube subscribers that Dogecoin could witness a serious corrective action if it loses its immediate support level.
“[DOGE] went back to this last key level at $0.057. This is an interesting area, but again, I don’t really think this is necessarily a buy. You can just sit here and buy it, but expect this to just be lying around…
If this [$0.057] If the level falls, it moves to the next level around $0.045…
I don’t really see Dogecoin [as] personally an interesting buy at the moment, but we just wait and see.”
Dogecoin is trading at 0.0630 at the time of writing, up 0.2% over the past 24 hours.
Next, the trader says DOGE rival SHIB remains in a bearish pattern as it sets macroeconomic lower highs and lower lows.
“[SHIB] had a nice rise but quickly recovered and the 200-day EMA (exponential moving average) – similar to Dogecoin – broke up a bit and now seems to be approaching some of these lower levels again ($0.00000742)…
[SHIB’s] still a bearish market structure…
Shiba Inu is trading at $0.00000813 at the time of writing, down 1.2% in the past 24 hours.
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