Shiba Inu and Dogecoin Follow the Bears Falling by More Than 6%

Key Insights:

Shiba Inu noted a 6.68% decline in the last 24 hours.

Dogecoin is making a gradual recovery, trading at $0.064.

The rest of the crypto market also declined by almost 5%.

The declining spree seems to be making a recovery, and meme coins, along with the rest of the market, are facing bearishness. At the time of writing, Dogecoin and Shiba Inu continued to fall, with SHIB taking charge.

Shiba Inu Marks a Fall

The meme coin has been noticing a gradual incline over the past few weeks, and in doing so, the altcoin managed to recover to $0.00001084.

The 6.68% downfall observed in the last 24 hours is the first instance of consecutive red candles in almost a month. But looking at price indicators, it seems like this might not be the onset of a downfall but just another hiccup.

This is because the Parabolic SAR’s white dots are still beneath the candlesticks highlighting an active uptrend. As long as SHIB has the support of the uptrend, it will be able to maintain the recent recovery.

Furthermore, the MACD indicator has been highly bullish over the past couple of days, with the bars keeping above the neutral line. A bearish crossover is certainly out of the question, although the rise could slow down for a while.

This could postpone the recovery of the 72.51% decline in SHIB observed during the June crash.

Dogecoin Follows Suit

Although DOGE has a much higher market cap than Shiba Inu does, SHIB’s volatility does not compare to DOGE’s, this is why Dogecoin seems to be following SHIB’s trend, both being the kings of the memecoin market.

Similar to SHIB’s trajectory, DOGE has also only noticed an 18.77% recovery in more than 20 days now. Trading at $0.64, Dogecoin is certainly far away from recoupling the losses exceeding 65% that it witnessed in June.

The only difference between SHIB and DOGE is that Dogecoin is not flashing positive signs. The altcoin failed to flip the 50-day Simple Moving Average line (red) into support from resistance, keeping the price action subdued.

Had it done so, the coin would’ve inched closer to doing the same with the 100-day SMA (green) as well.

This would’ve provided DOGE the boost needed to reclaim $0.15. The Relative Strength Index’s (RSI) dip into the bearish zone only confirms further that recovery will come late to Dogecoin.