As the bear market persists, Dogecoin and Shiba Inus are becoming more valuable. Although the charts for both memecoins appeared to be headed upward, this is no longer the case. They look to have reached a supply zone after strong price movement over the previous few days, which could trigger a correction.
Shiba Inu and Dogecoin both rise by over 50%
While the cryptocurrency industry is still in its infancy, certain cryptos are succeeding in standing apart. The market’s ills are doing havoc on large market caps, and each day their prices decline a little bit more. Smaller cryptocurrencies, meanwhile, continue to stand out and surprise.
Numerous commentators foresaw the demise of some cryptoassets, notably Shiba Inus, following the collapse of the markets (SHIB). In fact, a growing number of analysts predicted that he would vanish quickly and not rise again. In the past 10 days, this cryptocurrency unexpectedly produced a bullish increase that astounded all investors. The token has in fact increased by 55% since June 18.
While SHIB caused the surprise, Dogecoin on its side also experienced a recovery of 47% during this time. After Elon Musk, the CEO of Tesla, left his position, the cryptocurrency, which had exhibited a very negative price action, actually burst. The two joke-based cryptos manage to provide green signals in the midst of a red market. The cost of these assets could, however, decrease once more in the upcoming days due to certain situations.
Can DOGE and SHIB withstand the opposition?
Due to its volatility, the cryptocurrency industry is vulnerable. Nothing is permanent, and prices can shift in a matter of hours. Shiba Inu and Dogecoin are beginning to tire after making strong gains for ten days. In fact, the indications are not encouraging, and there are strong resistance regions on the daily charts.
On the daily charts of the two identical coins, the Tom DeMark (TD) Sequential is currently displaying a sell signal. The bearish formations have evolved into nine green candlesticks, suggesting that there may be a one to four candlestick correction. Since the resistance is above the support, Dogecoin’s trading history indicates a gloomy future. Therefore, any indications of weakness could make the downward pressure on the token stronger.
Resistance is present for the Shiba Inu at $0.000012. Market participants will still be able to attempt to sell their tokens in the case of an increase in order to break even. This would, however, restrict the token’s capacity to continue rising. However, if Dogecoin can print a daily close at $0.079, it may rise to $0.089 in price. If SHIB cuts below $0.000012, there may be a greater chance of a rally to $0.000015.
