Memecoins Tumble: Dogecoin and Shiba Inu Face Price Drops

Dogecoin and Shiba Inu, two prominent memecoins, have been facing a challenging period, with both experiencing significant price drops over the past 30 days. This article explores the current market sentiment and provides a short-term price analysis for these popular cryptocurrencies.

Dogecoin (DOGE) has seen its price decline by 1.58% in the last 24 hours, with a trading volume of $1.115 billion. Over the past month, DOGE has lost 33.11% of its value, and its Year-to-Date (YTD) return stands at -16.16%. Despite these losses, Dogecoin maintains a substantial market cap of $39.224 billion and a dominance of 1.2695%.

Analyzing the Dogecoin price chart, the Exponential Moving Average (EMA) 50-day displays a bearish curve in the daily time frame, while the 200-day EMA acts as a strong support. The Relative Strength Index (RSI) indicator hovers below the neutral trendline, suggesting increased price volatility. To reverse the current trend, Dogecoin must reclaim its resistance level of $0.2650 and target its upper high of $0.3250. However, if the bears maintain their dominance, DOGE could retest its low of $0.20750 in the near future.

Shiba Inu (SHIB), the second-largest memecoin by market capitalization, has also experienced a significant drop in price, losing 29.53% over the past 30 days. Its YTD return stands at -24.05%, indicating a long-term bearish action. Despite a recent jump of ~3% over the last seven days, SHIB's overall performance remains negative.

Examining the SHIB price chart, the Moving Average Convergence Divergence (MACD) displays a rising green histogram in the daily time frame, with its averages recording a similar price action. However, the EMA 50/200-day records a negative price action, suggesting mixed price sentiment for the second-largest memecoin. If the market favors the bulls, the Shiba Inu price could surpass its immediate resistance level of $0.