Key Insights
- One of the biggest gainers over the last month are the two largest memecoins by market cap, Dogecoin, and Shiba Inu.
- Dogecoin more than doubled during the mini crypto bull run from late October until the first few days of November.
- On the other hand, Shiba Inu rose by about 30% from a $0.0000098 low to a high of $0.000015 high.
One of the biggest gainers over the last month are the two largest memecoins by market cap, Dogecoin, and Shiba Inu.
The broader crypto market has taken a heavy beating this week, with some of the biggest gainers losing all their earnings to the liquidations that have swept through the market over the last month.
Dogecoin more than doubled during the mini crypto bull run from late October until the first few days of November. The memecoin rose from a low of $0.06 and rallied to the upside. By 2 November, the cryptocurrency had gained 110% after reaching a high of $0.16
On the other hand, Shiba Inu rose by about 30% from a $0.0000098 low to a high of $0.000015 high.
This week, however, the tables have turned in the market, and most cryptos are in the red. It so happens that these memecoins are also one of the biggest losers asides from Solana and FTT.
While Dogecoin is down by 11% over the last day and by 31% over the previous seven days at the time of writing, Shiba Inu is down by 9% from a day earlier and by 18% over the last seven.
Shiba Inu (SHIB) Price Analysis
The bears on Shiba Inu have pushed the cryptocurrency’s price down from the gains it made in the recently found bullish rally on its daily chart.
The memecoin failed to break above the $0.0000129 resistance near its high liquidity range and has declined by 9% since Tuesday.
After the general price declination across several cryptos in the market, the drop on Shiba Inu brought the price of the memecoin below its 20 [purple] and 50-day [red] exponential moving averages. This indicates strength on the part of the bears.
Right after the bears rejected the price of Shiba Inu around the $0.0000129 zone (blue horizontal line), the memecoin broke the minor $0.0000118 support (red line) to the downside.
This $0.0000118 zone is expected to serve as the first line of resistance against any price corrections to the upside. If Shiba Inu eventually retests this $00000118 zone and shows signs of a reversal, it may prove to be a significant shorting opportunity in scalping trades.
However, if Shiba Inu breaks this $00000118 resistance to the upside, a significant scalping opportunity may present itself for a bullish move to the upside and a retest of the $0.0000129 zone.
Dogecoin (DOGE) Price Analysis
In some ways, Dogecoin’s price action is similar to Shiba Inu. Similar to what happened on Shiba Inu, Dogecoin experienced a price rejection around the $0.016 zone and has plunged to the downside, following the price dips across the crypto market.
With the price dips across the market, Dogecoin has also dropped below its 50 and 100-day exponential moving averages.
However, the price of Dogecoin has managed to reclaim its 50-day moving average. The memecoin is barely hanging on to this price level above the 50-day EMA thanks to its massive bullishness across the previous two weeks but is still well below its 20-period moving average.
It might be interesting to note that the RSI on Dogecoin still shows neutral conditions, despite the massive dip illustrated above. This either indicates that an even bigger price dip on the memecoin is on its way, or Dogecoin may even rise for another retest of the $0.11 zone.
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 data. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
