The crypto markets faced a massive sell-off that started since Bitcoin reached its peak of $108,000 a few days ago. However, the major memecoins, Dogecoin and Shiba Inu, were activated much before BTC’s price crash, suggesting that market participants exited the memecoin space and entered the star token much earlier. This suggests that these prices are experiencing massive upward pressure as the other tokens have staged a recovery, but DOGE and SHIB prices are struggling to rise above their respective resistance levels.
Dogecoin (DOGE) price analysis
After the terrible decline in recent days, the Dogecoin price has experienced a major decline since the beginning of the week. The mid-week plunge dragged the BTC price below $95,000, dragging the entire market, including the DOGE price, nearly $0.26 off the highs around $0.32. However, the bulls have managed to push the level back above $0.31, but the rally still seems to be under bearish influence.
DOGE’s weekly chart indicates that the price has yet to rise above the bearish influence. However, the chart and the RSI appear to have formed a similar pattern and if the bulls manage to hold the support at $0.33 until the end of the week, another rebound could be imminent. Otherwise, it is feared that the price will fall below $0.2, causing a massive sell-off. Meanwhile, the ADX is currently bearish, with levels heading towards a bearish close and the ADX has shown a bearish divergence.
Therefore, bearish waves continue to haunt the Dogecoin price rally; however, a close above $0.35 could invalidate the bearish trajectory.
Shiba Inu (SHIB) price analysis
Besdies, the Shiba Inu price has fallen below the rising wedge, causing the token to spike over 30%. It might look like the price will stage a healthy recovery soon, but the technical data suggests the opposite. SHIB price could be susceptible to a broader correction, which could push levels below $0.00002 very quickly.
The MACD shows a drop in buying volume and levels suddenly move towards a bearish crossover. On the other hand, the Ichimoku cloud is turning bullish as the bearish trend is expected to end. Moreover, the bullish crossover between the baseline and conversion line can invalidate the bearish trajectory. Therefore, SHIB price remains in a decisive phase and trading until the weekend could have a greater impact on the upcoming 2025 price action.