Shiba Inu and Dogecoin Remain Unmoved As Market Cap Slips to $1.06T

Key Insights:

  • Dogecoin fell by just 3.91%, trading at 6 cents.
  • Shiba Inu remained loyal to its sideways movement today as well.
  • Bitcoin and Ethereum also declined to $22.9k and $1.6k.

As the broader crypto market slipped into the red after a successful couple of days, the meme coin market was impacted by the bearishness as well.

The overall market cap fell by 3.56% at the time of writing, with Bitcoin and Ethereum noting a drawdown too, trading at $22.9k and $1.6k.

Dogecoin at 7.6 Cents

At the moment, that is the investors’ next critical trigger for increasing buying pressure as the altcoin has been struggling to breach it for more than a month now.

Trading at $0.066, DOGE slipped by almost 4% in 24 hours, making it further difficult for the meme coin to recover from the 65.72% crash from April to June.

The Parabolic SAR kept itself positioned above the candlesticks, indicating a downtrend, while in reality, the altcoin is stuck in a sideways momentum.

However, repositioning the white dots beneath the candlesticks could prove to be further beneficial for DOGE.

Secondly, the meme coin is once again teetering at the edge of a bearish crossover which could harm any chance of recovery for the altcoin. If the broader market notices consistent bearishness, this bearish crossover could take place, resulting in a further price fall.

Shiba Inu and Its Dilemma

Shiba Inu is stuck in a similar situation as Dogecoin, which is struggling to break free from the consolidation it entered a month ago. Since then, the meme coin has been trading in and around $0.00001200 and $0.00001100.

In addition to this, the meme coin has also been unable to reclaim the 100-day Simple Moving Average (SMA) as support since May 2021.

The support from the 50-day SMA is keeping the alt safe from further price fall, but flipping the 100-day SMA into support will help it rally further.

Plus, the sooner SHIB does it, the better since the Relative Strength Index (RSI) is also in the bullish zone at the moment. However, since it is pretty close to the neutral line, it could fall below it, which would not be in favor of Shiba Inu.

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