Shiba Inu and Dogecoin Decline by 4% As Market Cap Falls Under $1T

Key Insights:

• Dogecoin fell by 4.63% to trade at $0.064.
• Shiba Inu followed suit and depreciated by 4% as well.
• Bitcoin and Ethereum could be seen trading at $21.8k and $1.5k at the time of writing.

With the entire crypto market returning to a downtrend, barely any coin managed to escape the bearishness. This included the meme coins as well noted a decline in their total value combined as the meme coin market dropped to $15.8 billion once again.

Dogecoin Fails Recovery

The king of meme coins suffering from lack of growth ends up falling every other week, making it difficult to rise from the lows of the June crash.

In the last month, the coin has barely rallied, and the upcoming downtrend is only going to make it further difficult for the altcoin to recover the 65.72% losses Dogecoin witnessed during the May to June dip.

This is because the price indicators are changing their stance into a much more unfavorable position.

The Parabolic SAR, although indicating an active uptrend, is actually on the brink of flipping into a downtrend. Once the white dots of the indicator move above the candlesticks, a price fall could take place.

Even the MACD does not show any signals of preventing the same from happening as the imminent bearish crossover is arriving with bearishness intense enough to flip the red bars from above the neutral line to below it.

Shiba Inu Is Still in a Gradual Incline

Unlike Dogecoin, Shiba Inu has not switched to outright loss-bearing bearishness despite the recent decline.

Trading at $0.00001122, SHIB is still on a gradual incline, having already recovered the losses of the June crash. The next hurdle for SHIB to clear is the massive 60% crash of April and May.

For the same, it may not get enough fuel as it is losing the support of the price indicators. Firstly the Bollinger Bands are displaying no incoming volatility, which will keep the price swings restricted.

But since the candlesticks are on the verge of slipping below the basis of the indicator, any price swing that does take place will cause a price fall for SHIB.

Additionally, the Relative Strength Index (RSI) is also right at the neutral line, about to fall below into the bearish zone. Should that happen, it will be subjected to some price fall until the broader market cues pull it out of that zone.