#Dogecoin #ShibaInu #MemeCoins #CryptoNews #DOGETrends #SHIBTrends #MemeKombat #CryptoTrading
After a phenomenal bullish run, the prices of favored meme tokens, Dogecoin (DOGE) and Shiba Inu (SHIB) witnessed a slump. This effectively brought an end to a week marked with considerable enthusiasm. Over the course of last week, these tokens enjoyed a significant increase in their value but investor profit-taking abruptly stemmed their growth. This, however, does not foretell a bleak future for meme coins as another newcomer, Meme Kombat (MK), is predicted to surge considerably following the conclusion of its presale.
Dogecoin began a strong rally last week, reaching a peak of $0.081, but the high was not sustained. It was observed that the Dogecoin’s price twice failed to breach this resistance level which signaled an impending decrease. According to recent statistics, Dogecoin’s trading volume witnessed a declining trend by 7% in the past 24 hours, equating to approximately $550 million. This reinforces the prediction that Dogecoin’s buoyant price trend may soon ebb. On the technical front, the support level that will possibly hold the fort against dropping prices is believed to be the Sunday dip which touched $0.075. The prices may continue to hang around this value until either a rebound or a further decrease materializes, dictated by investor sentiment and market dynamics.
Much like Dogecoin, Shiba Inu also saw a downtrend over the past 24 hours. After peaking above $0.0000086 a day before, Shiba Inu’s current trading price hovers around $0.0000080, marking a 6% retracement. The past week was marked by a massive rally in SHIB, with an impressive 13% gain largely accredited to increasing hype and investor enthusiasm. Nonetheless, profit-taking seems to have had an adverse impact on the momentum, just like with DOGE. The trading volumes for SHIB over the past 24 hours stood at just over $180 million, appearing relatively minimalist in comparison to last week’s peak volumes. From a technical standpoint, price trends reflect the cooling down, exhibiting a double-top pattern on the 4-hour chart. This formation suggests the presence of a potential resistance at $0.0000085, pointing to a possible large volume of sell orders in that range. As both meme coins show waning momentum, downside risks seem to be on the rise.
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