Can Dogecoin, Shiba Inu shake off their double-digit price drops soon?

Dogecoin and Shiba Inu Prices Plummet, but Market Indicators Hint at Recovery

Last week, the crypto market witnessed significant turbulence, with top memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) facing severe drawbacks.

Double-Digit Price Declines

Data from CoinMarketCap revealed sharp price drops for both DOGE and SHIB. DOGE fell by over 13%, while SHIB plummeted by more than 14%. At the time of writing, DOGE traded at $0.1246, and SHIB stood at $0.00001857.

Declining Dominance

The price corrections also impacted the dominance of these memecoins. Popular crypto analyst Ki Young Ju highlighted a drop in memecoin dominance over the past few months.

Improved Sentiment and Social Volume

Despite the price drops, weighted sentiment for both DOGE and SHIB improved, indicating a decline in bearish sentiment. Additionally, social volume spiked, suggesting increased discussion around the coins.

Technical Analysis

Dogecoin (DOGE)

• DOGE's Relative Strength Index (RSI) uptick suggests a trend reversal.
• The MACD indicates a bearish advantage.
• Bulls may propel DOGE to reclaim $0.14, while bears could push it down to $0.117.

Shiba Inu (SHIB)

• SHIB's NVT ratio uptick suggests overvaluation and potential for further price drops.
• Price touched the lower Bollinger Band, indicating a possible reversal.
• Upticks in Money Flow Index (MFI) and RSI also suggest a trend reversal possibility.