Analyst Issues Warning for Dogecoin and Shiba Inu – Here’s What Next For DOGE and SHIB Price
Qadir AK27 Aug 20231 min read
In the dynamic realm of cryptocurrencies, the fate of Dogecoin (DOGE) and Shiba Inu (SHIB) has been the center of attention. Altcoin Sherpa, a prominent analyst, has weighed in on their potential trajectories.
DOGE Price
Starting with Dogecoin, Altcoin Sherpa highlighted a critical juncture for the coin. DOGE had previously touched a pivotal support level at $0.057, which has become a point of interest. However, Altcoin Sherpa cautioned against hasty investments, noting that DOGE’s price might exhibit erratic behavior around this level.
If the support at $0.057 falters, the analyst warned that the next support level at approximately $0.045 could be tested. Altcoin Sherpa refrained from recommending Dogecoin as an attractive purchase in the current landscape, advising a patient stance instead.
SHIB Price
The analyst extended this approach to Shiba Inu (SHIB). Despite a fleeting upward surge, SHIB retraced swiftly. Altcoin Sherpa observed a downtrend in SHIB’s 200-day Exponential Moving Average (EMA), mirroring the bearish sentiment seen in Dogecoin.
The 200-day EMA breaking down indicated a potential descent to lower levels, specifically around 0.00000742. This prompted Altcoin Sherpa to conclude that SHIB’s market structure remains bearish.
Altcoin Sherpa recommended a watchful stance. SHIB was deemed unappealing due to its limited volatility and lackluster market conditions. The analyst cautioned against rushing into investments in these cryptocurrencies without thorough consideration. The prevailing downtrends and uncertainties surrounding DOGE and SHIB underscored the need for vigilance in the current crypto landscape.
