Dogecoin or Shiba Inu, will lose a zero from its price first?

By Ruby Currency

Updated on:

Dogecoin or Shiba Inu, will lose a zero from its price first?

Dogecoin and Shiba Inu Coin Highlights

Dogecoin and Shiba Inu have both risen above the levels where they previously struggled to progress for an extended period.

Meanwhile, meme coins often lose popularity quickly, which could lead the token to show a fake increase.

As more people get interested in cryptocurrencies, other digital coins are also trying hard to increase in value. Recently, Bitcoin’s price has been getting close to $42,000 again, but it might drop a bit. If it falls below certain levels, other popular digital coins might also lose value, following Bitcoin’s lead.

This could signal a downturn in the cryptocurrency market. Specifically, Dogecoin (DOGE) and Shiba Inu (SHIB) have seen their prices go up, but there’s a worry they might drop again and stay at the same level for longer than people thought.

Dogecoin (DOGE) Price Analysis

The markets started 2024 with Dogecoin trading in a narrow range, which stopped its price from dropping further. The buyers showed strength and pushed the price above $0.09. But, this increase didn’t last long, and the price went back down. Now that trading activity and price changes have picked up a bit, people wonder if Dogecoin will rise above $0.1 again.

The price of DOGE is moving along the bottom support line of a symmetrical triangle pattern and checking the 100-day Moving Average (MA), which is a significant level. If the price at the end of the day goes up to $0.08225 or higher, it might move towards the next goal at $0.08649.

This level is close to the upper resistance line of the triangle, suggesting a possible breakout. If that happens, the price could rise towards $0.1.

Shiba Inu (SHIB) Price Analysis

Similar to how the DOGE price moves, the Shiba Inu price is also following a clear pattern called a symmetrical triangle. But, the point where the triangle meets is coming up soon, which might make prices change a lot in the next few hours. People think that when the month ends, the Shiba Inu price will go up and reach its higher target again.

The DMI shows that the rally trend is neither strong nor weak, as its levels are moving evenly. Also, the ADX isn’t showing much change, indicating a decrease in the rally’s power, which might cause the price to stay within a small range.

But the MACD is close to switching from a negative to a positive influence as a bullish change is coming soon. So, after a slight buildup, it seems likely the price will break out to $0.00001 soon.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Ruby Currency

Discover the latest in cryptocurrency, blockchain, NFTs, and the Metaverse with our expert content writer. Decoding complex concepts and delivering insightful content, we guide you through the digital frontier.

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