Dogecoin and Shiba Inu Price Analysis: Will DOGE and SHIB Recover Anytime Soon?
- PHPzOriginal
- 2024-08-01 09:40:10370browse
Like several crypto niches, the memecoin market was also witnessing major corrections over the past few days. This was the case as top memecoins like Dogecoin
Top memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) have seen their prices drop last week due to waning interest from investors.
According to CoinMarketCap, DOGE’s price dropped by more than 5% last week. SHIB also had a similar fate, with its value declining by 5% in the past seven days. At the time of writing, DOGE was trading at $0.126 while SHIB had a value of $0.0000163.
According to data from IntoTheBlock, 75% of DOGE investors were in profit, while only 48% of SHIB investors were in profit.
Memecoins are usually popular for having promising social dominance. However, the latest data showed that they fell far behind Bitcoin [BTC]. At the time of writing, while BTC’s social dominance was 17.9%, DOGE and SHIB’s stood at 1.49% and 0.24%, respectively. This suggested that investors were not actively discussing DOGE and SHIB.
Later on, AMBCrypto compared SHIB and DOGE’s on-chain data to find out more about whether they can recover from this recent loss. We found that DOGE’s weighted sentiment remained in the negative zone, which meant that bearish sentiment was dominant.
However, SHIB’s weighted sentiment graph moved into the positive side. This suggested that SHIB investors were expecting it to recover soon.
Apart from this, the open interest of both memecoins dropped along with their prices. Whenever the metric registers a decline, it indicates that the chances of a trend reversal are high.
Moreover, SHIB and Dogecoin MVRV ratio also dropped. Generally, very low MVRV ratios act as market bottoms, which also hinted at a possible price increase in the coming days.
However, both memecoins’ fear and greed index at press time had a neutral value, which meant that the market could head in any direction.
Therefore, we checked their liquidation levels. As per our analysis, if a trend reversal happens, then DOGE might reach $0.137 before eyeing $0.14.
Mentioning SHIB, a bullish takeover might result in SHIB retouching $0.0000176. However, a continued downtrend might push SHIB down to $0.0000155 in the coming days
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