Shiba Inu (SHIB) is making an appearance to end the week with setbacks. However, Dogecoin is hitting the base support level hard. FXStreet analyst Filip L. shares levels that will be critical this week for both meme coins.
The SHIB price falls by 20%.
Shiba Inu (SHIB) gained momentum on the downside after attempting to break the 55-day SMA line. The bulls saw their attempts fail and fell into the trap. These price movements crushed the bulls and tried to reduce their losses. But bears, as seen with some other cryptocurrencies, were weak in this region.
Analyst Filip L. says the SHIB price could drop below $ 0.00000984 in July. SHIB is likely to close at $ 0.00000800 on Sunday night around the S1 support level. With the July pivots very close together, support and resistance are giving the price action momentum for a breakout. To the downside, this still means a drop to $ 0.000000507
However, a weekly close above the 55-day SMA will act as a major turning point. It even marks the beginning of the end of the bearish trend. As previously mentioned, with tighter pivot levels, a break to the upside would easily point to $ 0.001708 as the summer season always comes with lower liquidity and correspondingly more significant price action. Dogecoin, on the other hand, is hitting a bearish border and falling.
The DOGE price faces another correction of 40%.
Dogecoin has long been one of Elon Musk’s favorite cryptocurrencies alongside Bitcoin. But for the past few weeks Musk has been completely silent on everything related to cryptocurrencies.
So the DOGE price lacks the explosive pricing action that Musk provides. He also risks further collapse as long as he remains silent. Analyst Filip expects a breakout from last week’s low near $ 0.0588. There is a risk that the price will drop out of this zone just above the historic key level of $ 0.0409 to $ 0.050.
On the other hand, the bulls are already pushing the limit of the 55-day SMA. Therefore, the next attempt is the right one to break the backbone of the downtrend. To do this, the bulls will need to prevent price action from falling below last week’s low. With that, they can keep the momentum going for now. The bulls are holding on to build more on this trend to cancel a bullish break towards $ 0.010. cryptocurrency.com You can find the Dogecoin news we have prepared here.
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