Leading FXStreet analyst analyzed the price action of SHIB and DOGE. Accordingly, Shiba Inu and Dogecoin are heading towards these levels. We have compiled the details for you.
SHIB goes to these levels
Shiba Inu price is hovering above a stable support level. That’s why it seems to be moving in uncertainty. But things could get uglier as the downside threat continues. However, the probability of upward price action rises under two conditions. The first is Bitcoin’s directional effect. The second is “SHI“, the stablecoin that Shiba Inu will launch. Shiba Inu price rose 67% between June 18th and June 21st, making an explosive move forming a swing high at $0.0000119. Although SHIB temporarily retreated, it was able to recover afterwards. Thus, it made another attempt to hit a high above $0.0000121 before it was defeated.
Since then, SHIB is down 21% and is consolidating above the $0.0000095 support level. However, the meme coin seems to be slowly trying to rise. If bitcoin price develops an uptrend, it is possible for Shiba Inu price to rise as high as $0.0000119. However, an attempt above this level has the potential to push the meme token towards $0.00130. This increase means a 20% increase. However, investors need to be wary of the downside threat of a price understatement or fair value gap (FVG) ranging from $0.0000082 to $0.0000093.
What price is next for Dogecoin?
Dogecoin price is consolidating at a level that seems to have formed a smaller range in itself. Regardless of Coil, DOGE is at a breaking point, just like SHIB. However, he does indicate that his next move may be volatile. The price increased by 60% between June 18 and June 27. Thus, it formed a range extending from $0.049 to $0.078. This impressive recovery bounce peaked when the momentum wore off and investors started taking profits.
As a result, DOGE retraced 20% and labeled the midpoint of the range at $0.063, producing a smaller range. This range extends from $0.062 to $0.071. If Dogecoin price turns the $0.071 resistance into a support level, there is a good chance for the uptrend to continue. In this case, DOGE could tag the range at $0.078 after a 15% rally or $0.082 for a 20% increase. However, traders should keep in mind that the directional trend is dependent on the price’s reaction to the $0.071 level. A rejection at this level will reveal that the buyers are not in control. It will also show that the average of $0.049 to $0.057 could result in a 15% retracement. As Kriptokoin.com, we have prepared the SHIB and DOGE analysis for you.
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