Key Insights:
Crypto markets see yet another correction.
Dogecoin loses key support levels and falls below $0.1.
Technical charts see yet another fall as MACD shows a negative crossover.
Shiba Inu, which is still in the safe zone, shows potential to rule memecoin markets.
Other top memecoins do not show a similar fall; some even gained up to 70% this week.
Dogecoin has lost a critical support level of $0.1 and might soon break down further due to high bearishness in the crypto. At press time, the crypto traded around $0.097, with an intraday loss of 6.67%.
DOGE/USDT Daily Charts as on 28 Aug 2024
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A look at the daily charts reveals that the crypto might break down further due to a negative crossover in MACD. The crossover might result in another fall to $0.94. If Dogecoin falls below $0.94, it might soon crash to its bull market support level of $0.07. As of now, DOGE seems to stay within this level for a while.
The current scenario seems totally opposite to Dogecoin predictions a couple of months back when experts predicted a 2021-like rally.
Shiba Inu's daily charts show that the crypto is still in a safe zone despite an intraday loss of 3.75%.
SHIB/USDT Charts as on 28 Aug 2024
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Further, the daily charts show that Shiba Inu moves within a descending triangle pattern. As per the chart, the pattern ends around 15 Sep 2024, i.e., in the next 18 days. A move in Shiba Inu is expected before the end of the pattern.
A breakout could take Shiba Inu to $0.000045, 321% up from its current level of $0.000014. However, a breakdown could lead to a fall in price to the $0.00000891 level.
Interestingly, a strong up move isn't possible unless the RSI changes direction and moves upward.The indicator has been in a downtrend, but as it reaches the level of 40, we expect a turnaround.
Shiba Inu might become the next top memecoin if Dogecoin sees a consistent decline. The latter has already lost more than 54% since its 2024 highs. The crypto reached $0.21 in March 2024 but began to lose momentum and eventually fell to current levels.
Shiba Inu's price has witnessed a similar downtrend but has also been moving inside a descending triangle pattern. Though the pattern could prove fatal for Shiba Inu, it has a decent chance of breaking out and making a new 2024 high.
Shiba Inu's bullishness is due to a series of fundamental developments in its ecosystem. After completing the first year of Shibarium, the project saw a gigantic rise in its burn volumes. Further, the introduction of Shiba Inu's DAO, which makes it more decentralized than ever, could attract more users.
As per crypto analyst Ash Crypto, this year's alt season says that the current alt season is in its second stage and a parabolic growth phase might soon follow.
The memecoin markets have seen some sell-offs recently, but the breakdown in Dogecoin is not a marketwide phenomenon. Top memecoin cryptocurrencies like Shiba, Pepe, and Bonk only showed less than 5% losses this week.
Interestingly, this week, other cryptocurrencies like dogwifhat(WIF) and Floki Inu(FLOKI) saw gains of 2.15% and 26%, respectively. Smaller memecoins were even more bullish. This week's top gainer catfight (CWIF) saw a 70.5% growth, while Simon's Cat (CAT) saw a 66% increase in its price.
Memecoins have been the top-performing crypto sector for several months in 2024. Despite several market crashes, corrections and setbacks, most of them have retained their 2024 gains.
As the overall markets get more bullish, we can expect more gains to follow this year. Also, the arrival of the much awaited alt season might make send of the memecoins to the moon.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but 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.