Technical analysis

Shiba Inu and Dogecoin Prices Take a Dip! Is It the Best Time to Add SHIB and DOGE?

In recent days, investor interest in accumulating meme coins has waned due to limited volatility and diminished social prominence. However, it appears that leading meme coins like Dogecoin and Shiba Inu may be poised for a strong resurgence as they prepare to bounce back from a dip. Consequently, investors are now contemplating if this is the opportune moment to shift their focus to meme coins or if a more bearish trend may still lie ahead.

SHIB and DOGE Prices Show Bullish Hopes

While Bitcoin investors have been reveling in an impressive bull run over the past several weeks, the meme coin market, including Dogecoin and Shiba Inu, has experienced relatively stagnant trading sessions. Nevertheless, investors are showing increasing interest in meme coins due to substantial whale activity, suggesting the possibility of a bull run emerging in the coming week.

Dogecoin (DOGE) Price Analysis

According to a leading crypto tracking service called Whale Alert, a huge transfer of Dogecoin took place between two unknown wallets, which could indicate a buy order. Eight hours ago, when the price of the top meme token dipped by just under 2%, a huge transfer of 350 million DOGE was executed. The value of DOGE at the time of the transfer was worth $26.6 million.

As of writing, Dogecoin’s price is trading at $0.074, with a decline of over 1% in the last 24 hours. The price of DOGE is still facing selling pressure near the resistance level at $0.076, despite the sharp increase. A breakout and a rise to the $0.077 zone could happen if bulls continue their buying pressure despite the market’s turmoil.

Analyzing the daily price chart, DOGE’s price has faced multiple rejections near $0.078 and formed a consolidation pattern below the EMA-50 trend line, keeping bearish domination alive. After forming a dip near $0.074, the meme coin witnessed a huge spike in trading volume, hinting at an upcoming bullish momentum. If the DOGE price breaks above the 38.6% Fib level, traders can witness DOGE surge above $0.09. 

Shiba Inu (SHIB) Price Analysis

Shiba Inu’s price stabilized after Shibarium encountered clone allegations. However, there is still a concern if the SHIB price fails to attract bulls’ attention. SHIB price may ignite fresh surges this week as the number of wallet addresses that went into the Shibarium beta protocol has touched a new high, exceeding the 100,000 mark. 

Shiba Inu is currently trading at $0.0000106 and is facing a hurdle in surpassing the resistance of $0.000011. As the SHIB price trades below EMA-20, investors are feeling less confident in buying the dip. If SHIB manages to break above the EMA-100 trend line, it may initiate a smooth rally to $0.0000122. 

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