Shiba Inu and Dogecoin Decline for the Seventh Day Due to Bearish Cues
- Shiba Inu noted no significant change today, testing the 100-day SMA as resistance.
- Dogecoin continued to remain stuck in a downtrend ten days later still.
- Bitcoin and Ethereum also slipped to $22.6k and $1.59k today.
With the crypto market continuing to flash mixed signals for more than a week now, altcoins leaned more towards the bears than the bulls, and the impact of the same could be felt on the meme coins as well.
Shiba Inu Testing Resistance and Patience
With the meme coin making no move for more than two weeks now, it has reached the point where it could be losing out on investors due to the lack of growth.
Trading at $0.00001168, SHIB has been losing out on a crucial support level that could flip things around for the altcoin.
The 100-day Simple Moving Average (SMA) (green) has been tested as resistance for about a week now, but to no avail.
The meme coin has not been able to turn the line into a support level for SHIB despite holding the 50-day SMA as support for a little over a month now.
If SHIB continues this path, it will become difficult for the altcoin to recover the May losses of 50.34%.
The Awesome Oscillator has been exhibiting similar signals as well, with the indicator oscillating between green and red bars since the beginning of July.
As long as the bars keep moving above the neutral line, SHIB will be safe from a price fall.
Dogecoin and Its Downtrend
Despite not moving by a lot, DOGE has managed to lose over 5% in the last week. However, since the meme coin is in consolidation, it will keep above the June lows.
For now, Dogecoin’s next major concern should be recovering the May losses worth over 47.89%, which seems to be a distant event.
This is because price indicators are barely exhibiting any support when it comes to a rally.
The Parabolic SAR has been flashing a downtrend for more than ten days now with no clear indication of any change.
Secondly, the MACD is also oscillating between a bullish and bearish crossover for more than two weeks now. With mostly bearish signals on the cards, DOGE will be a while before it touches the $0.1 mark.