The cryptocurrency market has shifted from growth to a correction phase, with meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) experiencing notable declines. According to data from CoinMarketCap and CoinStats, both assets are under selling pressure as broader market sentiment turns bearish.
DOGE has declined by 3.11% over the past 24 hours, trading at $0.1462 at press time. Technical analysis reveals a false breakout of the local support level at $0.1469 on the hourly chart. If the price fails to bounce back by the end of the day, traders could see a test of the $0.14 support zone. On a larger timeframe, attention is focused on the candle closure relative to the nearest resistance at $0.1555. A closure far from this level could signal a deeper correction toward the $0.1350-$0.14 range.
SHIB has dropped by 5% since yesterday, with its price at $0.00000882. On the hourly chart, SHIB is approaching local support at $0.00000883. A breakdown below this level could lead to a test of $0.00000850. The bigger timeframe shows the rate declining after a failed attempt to consolidate above the $0.000010 zone. If the daily candle closes near its low, an ongoing decline to the $0.0000080-$0.00000850 range is possible by week's end.
From a mid-term perspective, both meme coins are currently distant from key support and resistance levels. Trading volume remains low for SHIB, suggesting limited potential for sharp price movements in the immediate future. Analysts caution that until weekly bars close, making longer-term predictions is premature, and traders should monitor previous candle peaks for directional clues.
