As the market continues to show bearish signs, widely-held crypto traders are warning of dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB).
Pseudonym Analyst, Altcoin Sherpa To tell His 11,000 YouTube subscribers say they could witness a tough correction move if Dogecoin loses near-term support levels.
“[DOGE] This last major level has returned to $0.057. This is an interesting area, but again, I don’t think this is necessarily what you should buy. You could sit here and buy, but expect this one to just be chopped up…
If this [$0.057] If the level falls, it will rise to the next level near $0.045…
I don’t know much about Dogecoin [as] Personally, it’s an interesting buy for now, but I’ll wait and see. ”
Dogecoin is trading at 0.0630 at press time, up 0.2% over the past 24 hours.
The trader then said that the bearish pattern continues as DOGE’s rival SHIB makes lower macro highs and lower lows.
“[SHIB] There was a nice rally, but it soon returned and the 200-day EMA (exponential moving average) similar to Dogecoin broke down and now looks to be approaching these lower levels ($0.00000742) again…
[SHIB’s] Still bearish market structure…
At the time of writing, the Shiba Inu is trading at $0.00000813, down 1.2% over the past 24 hours.
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