Dogecoin and Shiba Inu Continue to Struggle, as a Prominent Crypto Trader Points Out the Short-Term Risks and Opportunities for the Meme Coins-web3.0-php.cn

Dogecoin and Shiba Inu Continue to Struggle, as a Prominent Crypto Trader Points Out the Short-Term Risks and Opportunities for the Meme Coins

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Jun 22, 2024 am 08:13 AM

Dogecoin and Shiba Inu are down 14% and 18% in the last seven days amid a market-wide correction. Crypto trader Kevin remains optimistic

Dogecoin and Shiba Inu Continue to Struggle, as a Prominent Crypto Trader Points Out the Short-Term Risks and Opportunities for the Meme Coins

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are both down this week, but one crypto trader is highlighting the opportunities for the meme coins.

What Happened: Dogecoin and Shiba Inu are down 14% and 18%, respectively, in the last seven days amid a market-wide correction.

Crypto trader Kevin is still bullish, pointing out that Shiba Inu is retesting its macro structured support. He also noted that the three-day relative strength index is at the same level as it was at the bottom of the bear market and said it would be silly not to start a Dollar-Cost Averaging (DCA) position in Shiba Inu.

If Bitcoin (CRYPTO: BTC) breaks its all-time highs, SHIB will outperform it, according to the trader.

For Dogecoin, Kevin said a price move above $0.133 could show bullish momentum, adding that "until then we have to be conscious that more downside is possible."

See Also: Is The ‘Meme Coin Super Cycle’ Over? Trader Outlines Pros And Cons

Dogecoin and Shiba Inu together account for around $28 billion out of the total $49 billion valuation of the meme coin market.

IntoTheBlock data shows a 10% increase in Dogecoin's large transactions volume and a 28% growth in daily active addresses. Shiba Inu’s large transaction volume is up 99%.

76% of Shiba Inu holders have been holding for more than a year, as have 67% of Doge holders. Whale Alert data shows 2.2 trillion SHIB being transferred from Robinhood to an unknown wallet.

News source：https://www.kdj.com/cryptocurrencies-news/articles/dogecoin-shiba-inu-continue-struggle-prominent-crypto-trader-shortterm-risks-opportunities-meme-coins.html

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