Dogecoin and Shiba Inu Prices Retreat Amid Broader Crypto Market Downturn
Bitcoin Tests $50K Level as Crypto Bears Take Control
Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced a loss of momentum as the broader crypto market faces a downturn. Bitcoin has retested the $50K level, adding to the bearish sentiment. Despite Dogecoin’s attempts to defend against the downward pressure, its price continues to decline. Currently, DOGE’s price has fallen over 1% and is trading at $0.0835. Bearish signals are looming for the popular meme coin, with its 20-day Exponential Moving Average and Relative Strength Index indicating an increase in selling pressure.
Shiba Inu has also seen a decline in its price after failing to maintain its uptrend. The current price sits at $0.0000094, reflecting a decrease of over 1.6%. The indicators suggest that bears may continue to dominate the market, potentially pushing SHIB’s price even lower unless there is a reversal above the EMA trend lines, indicating a possible uptrend.
The overall crypto market has faced challenges in recent times, particularly with Bitcoin struggling to sustain its surge above $53,000. Additionally, the total market cap experienced a brief downturn after surpassing a significant milestone. Despite these setbacks, there remains optimism for a recovery in meme coin prices as the market stabilizes.
Analyst comment
Negative news. The retreat of Dogecoin and Shiba Inu prices, along with the broader crypto market downturn, indicates bearish sentiment. Both coins are experiencing a decline in price with bearish indicators, suggesting further selling pressure. Unless there is a reversal in trend, the market will likely continue to be dominated by bears. Despite challenges, there is optimism for a recovery as the market stabilizes.
