Dogecoin and Shiba Inu: Dogecoin dropped to 0.13915 level
- A strong decline in Dogecoin price occurred on Friday from 0.16200 to 0.14000.
- The price of Shiba Inu fell to a new low on Friday at the 0.00002142 level.
Dogecoin chart analysis
A strong decline in Dogecoin price occurred on Friday from 0.16200 to 0.14000. After that, we returned to the 0.14800 level. The price spent the weekend in the 0.14400-0.14800 range. Monday brought us a drop to a new low below the weekend support, strengthening the bearish option. This morning, we saw a new bearish impulse that lowered the price to a lower low of 0.13915.
Dogecoin is now under pressure to retreat further and form a new low. Potential lower targets are 0.13800 and 0.13600 levels. We need a positive consolidation and resistance to the 0.145000 level for a bullish option. This is where we would try to get support from the EMA50 moving average for a continuation to the bullish side. Potential higher targets are 0.14600 and 0.14800 levels.
Shiba Inu chart analysis
The price of Shiba Inu fell to a new low on Friday at the 0.00002142 level. By descending to that level, the June low was formed. After that, the price quickly recovered on Saturday to the 0.00002400 level. The new resistance in that zone did not allow us to start a further recovery, and we saw the initiation of bearish consolidation. On Sunday, the price somehow managed to hold above the 0.00002300 level. Monday brings us a drop to a new low and confirmation of a strong bearish trend.
This morning, we continued in the same direction with the formation of this week’s low at the 0.00002200 level. We remain under bearish pressure to descend to a new low. Potential lower targets are the 0.00002150 and 0.00002100 levels. A return above the 0.00002300 level could move us over the EMA50 moving average and thus strengthen the position for further recovery.
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