DOGE remains undecided amid Bitcoin calm, big move on the cards? Shiba Inu has shown life again in recent weeks after suffering heavy losses in 2022.
Dogecoin has a low daily outlook, after experiencing a steady decline in recent weeks. The price has fallen close to its 2022 low as bears remain in control.
Despite Bitcoin’s calm over the past few days, Dogecoin has remained undecided, yet to find a key level for a bounce. However, the coin still looks bearish from a long-term perspective. There are no signs of strength to trigger a positive rally at the moment.
Meanwhile, in recent weeks, the Shiba Inu price has experienced a more sideways movement. The rate rose sharply again in early November and then fell sharply again due to the fall in FTX. In the weeks that followed, the price stabilized at a low level. At the end of December, the price dropped back down to $0.000008.
DOGE Key Level to Watch
Dogecoin has been technically experiencing a serious problem in recent days.
If the price breaks above the $0.066 level, the target level to consider for support is $0.061. Just below this level is the support at $0.057. The $0.05 level is the next potential support to watch if the price continues to fall.
In the opposite direction, it is trading at a crucial resistance level after a slight pullback over the past week. It may retest the $0.08 resistance level if the price pulls back further. There is also resistance at $0.094 and $0.11 in case of a trend change.
DOGE is currently facing a crucial resistance level at $0.072 as it looks for a lower price level on the weekly scale. At the time of writing, the trend is in favor of the bears from a technical point of view.
Key resistance levels: $0.08, $0.094, $0.11
Key Support Levels: $0.061, $0.057, $0.05
Spot price: $0.071
Trend: Neutral-Bearish
Volatility: Low
Shiba Inu Forecast for 2023
The price of Shiba Inu has risen slightly again in recent days. This trend could also continue in the coming days and weeks. Bitcoin could break its stubborn resistance at $17,000, which should see altcoins rally in the days ahead as well.
In general, the Shiba Inu price is likely to increase in the coming weeks. Although the Shiba Inu coin is considered highly speculative, it should follow general market trends.
After a small rally, the Shiba Inu price could stabilize again in the coming weeks. The Shiba Inu coin has not seen increases as strong as Dogecoin in recent weeks. This also affects the Shiba Inu forecast for the next few weeks. Still, a 50% rally is possible on a bigger rally, but then a 20-30% consolidation.
Therefore, a Shiba Inu forecast of $0.000010 to $0.000012 is assumed by the end of the first quarter of 2023.
By Audy Castaneda
