Shiba Inu And Dogecoin Price Analysis: Coins Display A Death Cross; Next Crucial Price Levels
Meme-coins Dogecoin and Shiba Inu have been struggling on their charts over the last few days. These coins have mainly remained consolidated with minor gains or losses in the previous few days.Dogecoin had returned 2.2% in terms of its ROI over the past week, while SHIB rose about 6%. Dogecoin oscillated between its immediate resistance and support of $0.193 and $0.170, respectively, while Shiba Inu tried to break above the $0.000040 mark.
DOGE/USD Four Hour Chart
Dogecoin was priced at $0.1703, and over the last 24 hours, the meme-coin lost 3.4% of its value. It had displayed a death cross formation over the week, following which the coin would embark on the bearish run.
The immediate support level for the coin stood at $0.170, and at Dogecoin’s current price momentum, the coin would soon move below the support above level. The other price floor stood at $0.155. Near Term Technicals also point towards a bearish price run.
The price of DOGE was below the 20-SMA, which indicated that sellers dominated the price action in the market. In correspondence with the same, the Relative Strength Index was seen below the half-line, near the oversold and undervalued mark as traders have decided to cash out.
The Average Directional Index stated that the market trend was developing strength which signaled a continued bearish price movement.
SHIB/USD Four Hour Chart
<img class="aligncenter wp-image-96396 size-full" src="https://cdn.coingape.com/wp-content/uploads/2021/12/29190820/SHIBBUSD_2021-12-29_18-48-29.png" alt="Shiba Inu And Dogecoin Price Analysis: Coins Display A Death Cross; Next Crucial Price Levels" width="1489" height="680" />
The meme-coin displayed mundane price action as the price action remained sandwiched between the $0.000039 and $0.000034 respectively. Shiba Inu was trading for $0.000034 after depreciating by 4.4% overnight. This fall in prices came after sellers took over the market.
Shiba Inu had formed a death cross, as a reason, the coin displayed southward price action in the past 24 hours.
The immediate price support level rested at $0.000028. If the coin breaks above the $0.000039 level, SHIB could target $0.000044, although that is quite unlikely given the readings from the indicators.
The Relative Strength Index was about to touch the oversold region, selling pressure mounted at the time of writing. The price of SHIB was below the 20-SMA, which meant that sellers regained strength. Awesome Oscillator flashed red signal bars in accordance with the bears in the market.Source