Dogecoin (DOGE) is also struggling to recover. Shiba Inu (SHIB), which was launched with great hopes, has been in decline since reaching its all-time highs on May 10th.
Dogecoin (DOGE) price analysis
DOGE has been following a descending line of resistance since it hit an all-time high on May 8th. Currently, it is making its fourth breakout attempt.
Previously, DOGE bounced twice in the $ 0.25 support area on May 19 and May 23. It’s important to note that the token created a higher bottom, rather than falling below the May 19 low.
Despite this, technical indicators are still down. This is especially evident with the RSI crossover below 50. The main resistance area is $ 0.425.
The shorter six-hour chart also supports the possibility of a breakout. Both the MACD and RSI created a significant bullish trend. In fact, the MACD has been showing this trend since May 13th.
Therefore, a break from the resistance line is expected. However, the trend cannot be considered a bullish until the $ 0.43 area is retraced.
DOGE is following a decreasing resistance line.
There is support and resistance at $ 0.25 and $ 0.43 respectively.
Shiba Inu (SHIB) price analysis
SHIB reached its all-time high price of $ 0.000035 on May 10th. However, it has declined significantly since falling to the 0.786 Fib retracement level at $ 0.0000082. The downward movement was 76%.
From now on, the area will likely act as support. Despite the leap, there are no clear signs that the uptrend is reversing as the token has not yet formed a higher bottom. The closest resistance area is located at $ 0.0000155.
SHIB reached its all-time high price on May 10th.
There are support and resistance at $ 0.0000082 and $ 0.0000155 respectively.