The crypto market has entered a slight decline over the last week, along with several stocks and indices.
The memecoin market, in particular, has taken a pretty substantial hit over the last day and the last week, with coins like Dogecoin and SHIB taking more than 8% kicks to the head over the last week.
Recently collected data shows that the memecoin market now has a $13.34 billion market cap, after declining by almost 4% and almost 9% respectively over the last day and week.
The memecoin market has also become a sea of red, as the top memecoins on the market struggle with individual losses.
Our focus in this article, will be on Dogecoin and Shiba Inu.
Let's go over the memecoin market's performance over the last day, and figure out what's going on with these two.
We have already established that the memecoin market has been showing signs of weakness over the last day and week.
However, what we haven't mentioned is how both of these cryptocurrencies are tagged as the biggest losers on CoinMarketCap.
CoinMarketCap calculates for example, that Dogecoin is down by 3.66% over the last day, and by 7.2% over the last week.
Similarly, Shiba Inu is down by 3.91 on the daily timeframe, and by 7.7%
What is interesting, however, is how Dogecoin's trading volume has spiked by 100% over the last day, to about $1.92.55 million over the last 24 hours.
Shiba Inu, on the other hand, has had a trading volume increase of 63.78% over the last day and has managed to garner an $89.43% volume increase in the last 24 hours.
Let's go over what these cryptocurrencies are doing so far, in terms of price.
According to the chart below, Dogecoin is in a descending trendline and has been in a consolidation after breaking below the $0.063 zone in mid-August.
This zone has acted as a significantly strong resistance and has kept the cryptocurrency from declining further upwards.
The general crypto market drop gave the bears all they needed to send Dogecoin into a freefall from this zone. And as it stands, nothing much stops Dogecoin from dropping straight down to $0.048, except the $0.05524 zone.
However, a good way to look at things is that Dogecoin is testing support at $0.05524.
Dogecoin should remain sufficiently safe as long as it remains above this zone.
If a break below happens, we may indeed see a Dogecoin price decline to $0.047 as shown above.
Shiba Inu's descending wedge is now coming into play.
The cryptocurrency has been in a descending wedge over the better part of the year.
The good news is that descending trendlines are bullish formations.
We may be at the beginning of better days for Shiba Inu because the bears have now successfully brought the cryptocurrency into a retest of this formation's lower trendline around $0.00000673.
As long as SHIB does not break and close below $0.00000661, we are bound to see a price bounce soon, as the cryptocurrency rallies again by 41%, for a retest of $0.0000095 or higher (retest or breakout of the formation's top).
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.