Will Dogecoin and Shiba Inu Price Action Go Bullish?

Coin Analysis
  • As markets went down on Friday, there was still “extreme fear” in the crypto market.
  • Dogecoin had to stay above $0.082 for an uptrend to happen.
  • Shiba Inu’s downside stayed the same, and losses up to $0.000008 were still possible.

Even though the crypto market fell on Wednesday, there was a bounce this week. But this is hardly a sign that things are getting better. The total value of the cryptocurrency market went up by 1.9% on Thursday, reaching $1.27 trillion, according to data from CoinMarketCap. The Crypto Fear and Greed Index went down 3 points on Friday, reaching 10. It’s still in the zone of “extreme fear.”

Crypto Fear And Greed Index As At Friday June 3

Source: Alternative

Thursday, when the dollar got weaker and stock indexes went up, Bitcoin led a rise in digital assets. The market seemed to be going down on Friday, when the total value of all cryptocurrencies went down by 1.27 percent. At the time this was written, Bitcoin had lost 0.5% of its value and Ethereum had lost 3.2%. Dogecoin and Shiba Inu were also flashing red because they had lost 1% and 3% of their value in the last 24 hours, respectively.

Dogecoin Price Analysis

DOGE hit a low of $0.065 on May 10 and quickly went up to a high of around $0.094. Since then, Dogecoin’s price has been making lower highs and lower lows, which makes the four-hour chart look like a falling wedge. This is a bullish chart pattern that predicts a 13.5% rise to $0.094.

But for this to happen, Dogecoin’s price had to go above $0.082, which was where the 50-day Simple Moving Average (SMA) and the upper trendline of the wedge seemed to meet. This would give buyers more power to face resistance from the 100-day simple moving average (SMA) at $0.0837 and the psychological level of $0.09.

Shiba Inu Price Analysis

SHIB was at a turning point when it was trading between $0.00001018 and $0.0000112. Shiba Inu was trading at $0.00001056 with a bearish bias at the time this was written. Moving averages and the RSI were both pointing down, which showed that the bears were still in control of the “DOGE killer token.”

Now, the bears will try to push the price down below $0.00001018, which is the lower limit of the buyer congestion zone, with their eyes on the $0.00000889 swing low. The $0.0000080 psychological level could help the price of SHIB stop falling further.

On the plus side, if the daily candlestick is above $0.0000112, SHIB will rise toward the range high around $0.00001293 from May 23. Above that, the next step would be to go up to the $0.00001449 swing high or the SMAs above it.

Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.