Consolidation in Cryptocurrency World: Memetic Coins SHIB and DOGE Experience Dip
Wednesday saw memetic coins experiencing considerable downswing to the tune of a 2% decrease, likely propelled by profit realization post an upward wave at the week’s start. At the time of documenting, Shiba Inu (SHIB) and Dogecoin (DOGE) are navigating a bearish market.
Fall in Shiba Inu (SHB)
One of Wednesday’s big events came from the memetic coin camp of Shiba Inu (SHIB), marking its second straight day of a downward journey. After Monday’s peak of $0.000006945, the token declined in the progressive sessions, and as of the latest recorded data, touched $0.000006842.
The price reduction pushed SHIB closer to a significant support level last noticed on October 12 ($0.00000670). The decline coexists with the relative strength index (RSI) hitting a potential saturation level at the 39.00 mark. At the report’s writing time, the index is a shade lower at 38.49, indicating a possible downward push towards the 35.00 mark.
These developments follow SHIB’s achievement of a one-week high barely three days ago, at $0.00000729.
Dogecoin (DOGE) Experiences Downward Trend
Dogecoin (DOGE), another prominent player in the memetic coin scene, mirrored a similar recession on Wednesday, drawing it closer to a crucial support level. DOGE/USD came down to $0.0588, which is slightly down from its Tuesday peak at the $0.05961 mark, pushing it closer towards the $0.0570 support level.
Unlike SHIB’s RSI stay at a notable supporting point, DOGE’s price strength fell under the 40.00 stability point with the present index reading resting at 38.85, coexisting with a 10-day (red) moving average continuing a downward trajectory.
How will the memetic coins fare for the rest of the week? Please share your predictions and let’s discuss.
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Frequently asked Questions
1. How has the recent crypto market consolidation affected SHIB and DOGE?
Answer: The recent crypto market consolidation has led to a dip in the prices of SHIB and DOGE, two of the top shakers in the market.
2. What factors contributed to the dip in SHIB and DOGE?
Answer: Several factors, including profit-taking by traders, a decrease in overall market sentiment, and a general trend of consolidation in the crypto market, have contributed to the dip in SHIB and DOGE prices.
3. Are there any specific events or news that caused the dip in SHIB and DOGE?
Answer: While there may not be any specific events or news directly causing the dip in SHIB and DOGE, the overall market sentiment and profit-taking behavior of traders have influenced their prices.
4. Is this dip in SHIB and DOGE temporary, or should investors be concerned?
Answer: It is important to note that the volatility in the crypto market is quite common, and dips like these are often temporary. However, investors should always conduct thorough research and make informed decisions before investing in any cryptocurrency.
5. Should investors consider buying SHIB and DOGE during this dip?
Answer: Whether to buy SHIB and DOGE during this dip depends on an individual’s risk appetite and investment strategy. It is advisable for investors to consult with financial advisors or conduct their own research before making any investment decisions.
6. What are some potential factors that could lead to a rebound in SHIB and DOGE prices?
Answer: Factors such as positive market sentiment, increased adoption and utility of SHIB and DOGE, or any positive news or developments related to these cryptocurrencies could potentially lead to a rebound in their prices.
7. How can investors stay updated on the latest developments regarding SHIB and DOGE?
Answer: Investors can stay updated on the latest developments regarding SHIB and DOGE by following reputable cryptocurrency news sources, joining online communities and forums dedicated to cryptocurrencies, and regularly checking official social media accounts and websites of the projects.