Dogecoin and Shiba Inu Face Selling Pressure Below Key Support Levels
- Dogecoin (DOGE) fell below the $0.13 psychological level, confirming a bearish trend with trading volume surging by 53% to nearly 480 million tokens.
- Shiba Inu (SHIB) mirrored DOGE’s decline, slipping below short-term support and failing to regain previous resistance levels.
- Ether (ETH), currently priced at approximately $2,867.48, underperformed against major cryptocurrencies, impacting risk appetite across altcoins.
- DOGE briefly dipped to $0.1298 before bouncing back to $0.1311 but remained capped below resistance levels.
- Support for DOGE is now at $0.1290–$0.1280, with potential downside risks toward $0.1250 if selling continues.
The recent sell-off in Dogecoin and Shiba Inu indicates concentrated weakness in the meme coin sector rather than a broader market capitulation, as indicated by stable performance in other crypto benchmarks.
As both DOGE and SHIB struggle below key support levels, further downside could occur unless buyers intervene decisively.(Source)
