Dogecoin Drops 24.84% in a Month, Shiba Inu Falls 21.08%

Dogecoin (DOGE) and Shiba Inu (SHIB) are two of the most prominent memecoins in the cryptocurrency market, each with its own unique characteristics and community support. As the cryptocurrency market prepares for the next bull run, investors and analysts are closely examining which of these two memecoins has a better chance of reaching new all-time highs (ATHs).

Dogecoin has experienced a significant decline in value over the past month, losing nearly 24.84% of its worth. Over the last six months, it has declined by about 46.76%. The coin has been in a prolonged bearish phase, with technical indicators showing negative readings. This has created an environment marked by frequent retracements and heightened investor caution. Currently, Dogecoin is trading between $0.15 and $0.25, with support at $0.11 and resistance around $0.30. The Relative Strength Index near 35 suggests oversold conditions, while bearish signals from both the Awesome Oscillator and Momentum Indicator reinforce bearish pressure. The market lacks a clear upward trend, despite potential for short-term rallies. Traders might target buying near support if resilience is shown or selling near resistance for minor retracements. Secondary support is at $0.01, with resistance near $0.39, providing additional reference points for trading strategies in this uncertain market.

Shiba Inu has also faced notable declines, with a one-week drop of -10.90% contributing to broader losses. The coin's price has decreased by -21.08% over the past month, and a sustained downturn of -48.69% over the last six months highlights ongoing weakness. These performance metrics reflect consistent selling pressure in the market, with minimal signs of a recovery, portraying a period characterized by continued declines rather than stabilization. Currently, Shiba Inu is trading within a narrow range between $0.00001 and $0.00002. The nearest resistance is at $0.00002, with an additional barrier at $0.00003. Support is identified at $0.00001, with further backup around $0.000003. Technical indicators show a bearish sentiment, with an Awesome Oscillator reading of -0.00000149 and an RSI of 34.65. This price action suggests sideways movement with no clear trend. Traders may consider testing the support at $0.00001 for potential rebounds, but caution is advised for any further breakdown. Short-term trades within this range could offer opportunities, focusing on resistance as exit points.

Shiba Inu, often referred to as the "Dogecoin killer," has established a strong presence in the crypto community. Trading at approximately $0.00001218, SHIB has built a robust ecosystem and has garnered significant attention from investors. Its strong community support and innovative projects, such as the ShibaSwap decentralized exchange, have contributed to its growth and potential for future gains. On the other hand, Dogecoin continues to dominate both the Proof of Work and Meme Coin sectors. With a price of around $0.17086, DOGE benefits from a strong presence on major exchanges. The memecoin's popularity is further bolstered by celebrity endorsements, notably from Elon Musk, which has helped drive its adoption and market visibility.

DOGE has a strong foundation and widespread recognition. SHIB, on the other hand, has built a passionate community and ambitious projects. Both coins have unique strengths and devoted followers. Overcoming previous highs will depend on various factors, including market trends and broader adoption. DOGE has the advantage of being a pioneer, while SHIB’s innovations can drive interest. Only time will reveal which memecoin can achieve new peaks in this bull run.