Dogecoin and Shiba Inu experienced declines, with Dogecoin edging down to $0.123 and Shiba Inu slipping to $0.000007165. This downturn occurred during U.S. trading hours when broader market dynamics failed to support rebounds for these popular meme coins. The lackluster performance of Bitcoin, which has struggled to maintain upward momentum, alongside Ether’s ongoing weakness, has kept the speculative segments of the market subdued.
In recent trading sessions, meme coins have acted as high-beta proxies, reflecting changes in investor risk appetite amidst a choppy cryptocurrency landscape. With Bitcoin’s attempts at recovery showing inconsistent follow-through, interest in riskier assets has waned, leading to sales pressure on tokens like DOGE and SHIB, particularly during periods of slight market strength. The thin liquidity and position adjustments heading into the year-end have further intensified price movements at key technical levels, even in the absence of major news events.
From a technical perspective, Dogecoin is in a consolidation phase but leans bearish following repeated rejections at the resistance levels of $0.1260 to $0.1264. This area has proven to be a significant supply zone, reinforced by high-volume sell-offs. Conversely, the support band between $0.1208 and $0.1220 has been pivotal in maintaining the token’s current trading structure. A sustained drop below $0.122 could pave the way for a deeper decline, potentially reaching $0.120 or $0.1250. To shift the current negative trajectory, Dogecoin would need to reclaim $0.133 convincingly.
Shiba Inu’s structure indicates greater vulnerability, having broken through the critical support level of $0.00000717 to $0.00000718. This breach confirms a descending-channel bias, directing attention towards a support level at $0.000007145. Should this level fail to hold, the next significant demand pocket lies around $0.00000707. Meanwhile, potential rebounds appear capped in the range of $0.00000722 to $0.00000725 unless trading volume sees a substantial increase.
In summary, Dogecoin falls within a range-trading pattern at the bottom of its trading band, while Shiba Inu has already lost a crucial support level and appears to be searching for the next floor. This contrasts suggests a general fragility in the sector rather than targeted accumulation.
Over a 24-hour period, Dogecoin’s price shifted from $0.1258 to $0.1230, with trading volume running 11.5% above its seven-day average, further reinforcing the presence of sellers during upward movements. Support remains intact around $0.1208 to $0.1220, preventing a market breakdown.
Shiba Inu’s price slid to $0.000007165 post the breakdown of the aforementioned support. The selling acceleration stemmed from resistance in the $0.00000722 to $0.00000725 zone, driving the token toward the $0.00000707 support level.
For traders, the current market remains technical rather than headline-driven. For Dogecoin, maintaining the $0.122 support line is crucial—holding this level may allow for sideways consolidation, while loss could trigger a swift downturn. The potential for upward movement in Dogecoin starts only if it can reclaim $0.1264, with $0.133 representing a key level for a more positive shift.
In contrast, Shiba Inu is more precarious due to its recent breakdown. Bulls need to reclaim the $0.00000717 to $0.00000718 range to stabilize the price action; otherwise, the token risks plunging further toward $0.00000707.
Ultimately, if Bitcoin continues to struggle for rebounds and Ether remains under pressure, meme coins may face ongoing downward pressures, primarily marked by failed bounces that invite additional selling. The focus for traders should remain on whether Dogecoin can maintain its support level at $0.122 and if Shiba Inu can regain its previous floor. These levels will be critical in determining whether the market is building a base or heading for further declines.
