The following support zone of the SHIB price is USD 0.0000098, the last level of horizontal support before a new yearly low. Meanwhile, that of DOGE is at USD 0.052 if the bearish move continues the most likely scenario.
The prices of Shiba Inu (SHIB) and Dogecoin (DOGE) recently formed long upper wicks after horizontal resistance levels rejected them. That suggests that there might be a new yearly low for each in the short term.
While the meme coins struggled to rise, rejection and ongoing decline reversed all previous gains, threatening their bullish structure. It is important to remember that the overall crypto market is amid a so-called winter.
The Price of Shiba Inu May Suffer a New Collapse
The value of SHIB has risen along an ascending support line since its low of USD 0.0000071 in June. The bullish move caused it to reach a high of USD 0.000018 in August.
Since then, the price of the crypto asset declined until breaking below its support line, validating it as resistance on September 9th.
Subsequently, SHIB reinforced this assumption by breaking below the USD 0.000012 horizontal zone and validating it as resistance, forming a long upper wick.
The following support zone is USD 0.0000098, the last horizontal support before a new yearly low. The daily relative strength indicator (RSI) also reveals that SHIB may resume its bearish movement toward the above support zone or below it.
Therefore, the most likely scenario suggests Shiba Inu may suffer a collapse unless the price regains the USD 0.000012 horizontal zone.
SHIB is trading at USD 0.00001106 and has accumulated a 0.1% loss over the last 24 hours. While its daily trading volume is above USD 212.26 million, its market capitalization is about USD 6.51 billion, according to CoinGecko.
The Value of Dogecoin Cannot Maintain Its Bullish Trend
The price of DOGE attempted to start a bullish trend, just like SHIB did. That move followed a period when the daily RSI generated a bullish divergence.
However, a considerable price rejection occurred afterward, forming a long upper wick and validating the USD 0.0655 area as resistance. Therefore, the trend may remain bearish if the price of DOGE does not regain that zone.
The nearest support zone would be USD 0.052 if the bearish move continued, which seems the most likely scenario. The daily RSI, which fell below 50, also supports the decline.
DOGE is trading at USD 0.060239 and has accumulated a 0.8% loss over the last 24 hours. While its daily trading volume is above USD 206.23 million, its market capitalization is about USD 7.94 billion, according to CoinGecko.
Investors should research SHIB, DOGE or any other crypto asset before buying it to know its all-time high, behavior, and possible future price. That will help them find the most convenient investment opportunity to minimize the risk of losing money. It is a matter of time before seeing how the market influences where it may head next.
By Alexander Salazar
