DOGE Stays in the Top Ten Despite a Monday Meme Coin Reversal

Key Insights:

• Shiba Inu Coin (SHIB) slid by 9.76% on Monday, with investors locking profits from Sunday’s 34% breakout.
• Meme coins took a hit alongside the broader market as crypto investors responded to gloomy economic indicators from China.
• Technical indicators remain bullish, supporting Dogecoin’s (DOGE) number ten ranking by market cap.

On Monday, Shiba Inu Coin (SHIB) slid by 9.76%. Partially reversing a 33.8% breakout from Sunday, SHIB ended the day at $0.00001526. Things were not much better for Dogecoin (DOGE), which fell by 6.24% to end the day at $0.0766. On Monday, DOGE rallied by 11.92%.

A bullish start to the Monday session saw SHIB strike a high of $0.00001769 before hitting reverse. DOGE had also found early support, rising to a high of $0.082 before sliding into the red.

DOGE and SHIB succumbed to crypto market forces on Monday, with economic indicators from China weighing on riskier assets.

Meme Coin Volatility Fueled by Global Economy Woes

At the start of the week, the crypto news wires had no impact on DOGE and SHIB, with market risk sentiment the main driver.

Economic indicators from China sent the crypto market into reverse. Weaker than expected stats delivered investors a reality check early in the session.

Industrial production increased by 3.8% year-over-year, down from 3.9% in June. Retail sales increased by 2.7% year-over-year, down from 3.1% in June. Economists forecast industrial production of 4.6% and retail sales of 5.0%.

Disappointing numbers forced the PBoC to deliver support that briefly limited the damage. However, with investors considering the China numbers a global economic precursor, the stats provided a reality check. Crude oil prices hit reverse, with the NASDAQ 100 Mini spending the day in the red alongside the broader crypto market.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.07% to $0.00001527.

Technical Indicators

SHIB needs to move through the $0.0000160 pivot to test the First Major Resistance Level (R1) at $0.0000169 and the Monday high of $0.00001769.

SHIB would need a bullish start to the week for the broader crypto market to support a return to $0.000017.

In the event of an extended rally, SHIB should test the Second Major Resistance Level (R2) at $0.0000186 and resistance at $0.0000190. The Third Major Resistance Level (R3) sits at $0.0000212.

Failure to move through the pivot would bring the First Major Support Level at $0.0000143 into play. Barring an extended sell-off throughout the day, SHIB should avoid sub-$0.0000140 and the Second Major Support Level at $0.0000134.

The Third Major Resistance Level sits at $0.0000108.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 0.39% to $0.0769.

Technical Indicators

DOGE needs to move through the $0.0778 pivot to test the First Major Resistance Level (R1) at $0.0808 and the Monday high of $0.082.

DOGE would need a bullish start to the week for the broader crypto market to support a return to $0.080.

In the event of an extended rally, DOGE should test the Second Major Resistance Level (R2) at $0.0851. The Third Major Resistance Level (R3) sits at $0.0924.

Failure to move through the pivot would bring the First Major Support Level at $0.0735 into play. Barring another extended sell-off throughout the day, DOGE should avoid sub-$0.0730 and the Second Major Support Level at $0.0705.

The Third Major Resistance Level sits at $0.0632.