Shiba

Momentum

Dogecoin

Shiba Inu

<p>The post <a href="https://coinpedia.org/price-analysis/shiba-inu-and-dogecoin-prices-lose-momentum-as-btc-price-retests-50k-level/" rel="noopener noreferrer nofollow">Shiba Inu And Dogecoin Prices Lose Momentum As BTC Price Retests $50K Level</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The past few days have been volatile for the crypto market, especially for Shiba Inu and Dogecoin investors. As Bitcoin recently experienced a sudden drop in price by retesting the $50K zone, it sent bearish waves across the entire market, causing many meme coins to lose momentum, including the beloved Shiba Inu and Dogecoin. However, analysts expect a strong rebound for DOGE and SHIB prices as they show potential for a recovery.</p>
<h2 class="wp-block-heading" id="h-crypto-market-cap-loses-2-trillion-milestone">Crypto Market Cap Loses $2 Trillion Milestone</h2>
<p>Since January 22, the cryptocurrency market cap has maintained a consistent upward trend, hitting a significant milestone with a new yearly high surpassing $2 trillion. Despite this remarkable achievement, prices have faced a slight downturn in recent days.</p>
<p>Of particular note, the price of Bitcoin briefly surged above the $53,000 level; however, it struggled to sustain its upward momentum, triggering anxiety among investors. This led to a surge in selling activity, resulting in total liquidations exceeding $300 million within the last 24 hours. Consequently, the price of Bitcoin retreated towards $50,500; nevertheless, bullish sentiment emerged, preventing further declines.</p>
<h3 class="wp-block-heading" id="h-dogecoin-doge-price-analysis">Dogecoin (DOGE) Price Analysis</h3>
<p>Attempts by the bears to draw Dogecoin back into the symmetrical triangle pattern didn’t meet defense from the bulls. As a result, DOGE price continues to break below immediate Fib channels, weakening the chances of a bullish comeback. As of writing, DOGE price trades at $0.0835, declining over 1% from yesterday’s rate.&nbsp;</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/nrNOL7ct4GFmnw1CanrvHnQCo2PIZo5iJ7i75WLqnT588PmYELSMApIa0OLSwG0Q6N1EhkwpQErPlT4GhJwVYK9odErBS6WTM3PXAcLhBtE5fTKy6bpTyRs2vQKXMeF_RqokgnOrojsKJkB9E_uQBQg" alt="">
</figure>
<p>Currently, the 20-day Exponential Moving Average (EMA) at $0.085 is gradually trending downwards, along with the Relative Strength Index (RSI) dropping below the midline toward 41, signaling bearish dominance.&nbsp;</p>
<p>Any bullish signs could face challenges if the price continues to trade below the moving averages. Such a scenario would suggest rising bearish sentiment, with selling pressure even in minor relief rallies. A drop below the ascending downtrend line at $0.08 might create a wave of selling pressure.</p>
<p>However, should the bulls successfully reverse the current trend and send the price above EMA lines, there’s potential for the DOGE price to surge towards the resistance zone near $0.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<h3 class="wp-block-heading" id="h-shiba-inu-shib-price-analysis">Shiba Inu (SHIB) Price Analysis</h3>
<p>Shiba Inu has experienced a retracement after failing to hold its upward trend near $0.00001, indicating that short-term traders might be taking profits. Typically, such retracements might plunge the buying confidence, consolidating the SHIB price within a bearish channel pattern. As of writing, SHIB price trades at $0.0000094, declining over 1.6% from yesterday’s rate.&nbsp;</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/Qim2Y3hfmyMk5mhkjvtR8XOog4iFEewVWoDVC7jlA6Fj3jzcjeuXf7nTsGi0mZ-QSzqmfODJOIcWXYw6UrV79jUvs_mamZZ5rTw4tYPgsdLuRHWdPPe8688dOpn2H0IEiAeMXk8QlZ8fDp3AQ8XLhkI" alt="">
</figure>
<p>The declining 20-day EMA at $0.00000965 and an RSI approaching oversold conditions suggest that the momentum remains with the bears. If the price declines further and falls below $0.0000092, it might approach the crucial support at $0.0000085, a level that could attract buying interest anew. However, should the downward pressure continue, the meme coin could drop to $0.0000079.&nbsp;&nbsp;</p>
<p>Should the price reverse upwards and surpass the EMA trend lines, it would signal accumulation by buyers and continue an uptrend, potentially leading the SHIB price toward a target of $0.00001.</p>

Shiba Inu And Dogecoin Prices Lose Momentum As BTC Price Retests $50K Level

Table of Contents

CoinPedia News

Other articles published on Feb 21, 2024

Next Cryptocurrency To Explode Wednesday, February 21 – Fetch.ai, Ronin, Chiliz

Bitcoin Takes a Tumble: Investor Confidence Shaken as Prices Plunge

Ripple's Grand Plan for Global Payments With Blockchain Revealed

Pro-XRP Lawyer Makes Bold Move With Senate Candidacy Intentions

🤝#FBPAY and @MetaOceanPark have partnered!

Machine learning algorithm predicts SHIB price on March 1, 2024

Join our free newsletter for daily crypto updates!