Shiba Inu (SHIB) price is down nearly 44 percent from weekly opening levels. It lost nearly 90 percent of its price from its all-time high. The downtrend in the markets also affected another meme coin Dogecoin (DOGE). It is a matter of curiosity when the big losses will end and when the downtrend will end. As Kriptokoin.com, we convey the levels and price analyzes that analysts expect for Shiba Inu and Dogecoin.
Shiba Inu technical analysis and expected levels
Shiba Inu price looks oddly neutral from an Ichimoku point of view… On the weekly Ichimoku chart, SHIB stands out as one of the few major altcoins that do not form the Ideal Bearish Ichimoku Breakout. crashing. SHIB needs to close below all-time lows to trigger this setup. A Kumo Twist indicator on the weekly chart occurs between today and next Wednesday (May 18, 2022).
Kumo refractions occur when Senkou Span A crosses Senkou Span B (the Ichimoku Cloud changes color from red to green or from green to red). If a cryptocurrency is trending strongly during a Kumo Twist period, it is likely to form a swing high or low. As such, Kumo Twist warns of a possible swing low for the Shiba Inu price. Shiba Inu price pullback could be significant if Kumo Twist creates a new swing low. This means that a return to the 50% Fibonacci retracement and weekly Kijun-Sen at $0.0000027 is highly likely. While downside risks exist, they are likely limited in scope and size compared to any upside potential. $0.000006 is the lowest possible level SHIB will hit on any downtrend move.
Dogecoin technical analysis and expected levels
The price is seeing a serious sell-off as the Dogecoin price wiped out a year of liquidity in just a week. Dogecoin price has slumped below levels that have likely moved many long-term investors. Dogecoin price could possibly drop to the historical trendline in the coming weeks. The first target to see a reaction could be the $0.05 level; However, DOGE price could also decline to the other side of the channel at $0.01. Macro could maintain a bullish outlook with long-term targets well above $1.00. To catch the dogeceoin decline, investors should consider the dollar-to-cost averaging approach. It is worth noting that Dogecoin price is selling below low volume, which gives further clues that the correction will eventually end and another bull run will occur someday.
The invalidation of the bullish scenario lies in the first impulsive wave that started the legendary DOGE bull run at $0.0056. Bears cannot pass this level under any circumstances. If this bearish scenario happens, the entire uptrend of DOGE price will be invalidated. The bears could clear all-time lows that resulted in a 100% drop from the current Dogecoin price.
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