Market data from CoinMarketCap indicates a period of indecision across the cryptocurrency market, with meme coins SHIB and DOGE exhibiting divergent short-term price movements.
SHIB's price has declined by 0.2% over the last 24 hours, trading at $0.00000764 at press time. Technical analysis reveals a bearish outlook on the hourly chart, with the price struggling to maintain upward momentum. A key local support level is identified at $0.00000763. If this level is broken, analysts suggest a continued decline toward the $0.00000750 range is possible. Should bearish pressure persist, the next significant support to watch is at $0.00000734.
From a mid-term perspective, there are no clear reversal signals for SHIB. A weekly candle close below the previous low of $0.00000736 could trigger a deeper correction toward the $0.00000678 support level.
In contrast, DOGE has emerged as one of the day's top gainers, rising by 3.75% and trading at $0.1263. The hourly chart shows the price retracing after a false breakout above the $0.1273 resistance level. If the drop continues, a test of the $0.1250 zone is anticipated. The focus for a longer-term move is on the daily closure relative to the $0.1279 level. A breakout there could provide enough momentum for a rise toward the $0.13 area.
However, the mid-term view for DOGE is less optimistic for buyers, as the price remains near a key support level, indicating ongoing seller pressure. In the absence of a dominant market side, the most likely scenario for DOGE is sideways trading within the $0.12 to $0.13 range.
