Shiba Inu And Dogecoin Prices Face a Rising Bearish Threat: Can Bulls Defend Support Levels?

Shiba Inu and Dogecoin Prices Face Growing Bearish Pressure: Can Bulls Hold Support Levels?

Coinpedia Fintech News

Dogecoin and Shiba Inu have exhibited mixed performance recently, but analysts remain optimistic about their future prospects due to positive fundamental developments. Despite Bitcoin's bearish pressure near $64K, Dogecoin and SHIB prices have struggled to recover above support levels.

Fundamental Factors Bolstering SHIB and DOGE

Recent large Dogecoin transactions, including two exceeding $68.7 million, suggest potential upcoming developments, such as a DOGE futures listing on Coinbase. Shiba Inu has announced an upcoming Shibarium upgrade on May 2, aiming to improve user experience and transaction efficiency.

Institutional investment in meme coins is growing, as evidenced by Symbolic Capital Partners' addition of Shiba Inu to its portfolio, constituting 2% of its assets. This trend indicates growing institutional interest, potentially leading to increased market valuations.

Dogecoin (DOGE) Price Analysis

Dogecoin has faced resistance in breaking above $0.15, but buyers continue to support the level. As of writing, DOGE trades at $0.15, down 1.1%.

Resistance lies at the 200-day EMA and downtrend line. A drop below $0.13 could be possible. Conversely, a break above resistance could end the correction phase, with a potential target of $0.21.

Shiba Inu (SHIB) Price Analysis

Shiba Inu has repeatedly attempted to break the resistance line, but sellers have resisted. A retest of weekly lows is possible. Currently, SHIB trades at $0.000025, down 1%.

A breakout of the resistance line could signal the end of the corrective phase, with a target of $0.000033 and subsequent resistance at $0.000039.

However, a sharp drop below $0.000024 could indicate liquidation, potentially pushing the pair towards $0.000020.