Dogecoin and Shiba Inu: Dogecoin drops to a new weekly low
- Over the weekend, the price of Dogecoin climbed to 0.14373, forming a new July high there.
- The Shiba Inu price has been in retreat since the beginning of this week.
Dogecoin chart analysis
Over the weekend, the price of Dogecoin climbed to 0.14373, forming a new July high there. After that, on Monday, the price lost its bullish momentum and moved in the 0.13600-0.14200 range. This morning, there was an increase in bearish pressure in the zone around 0.13700, after which we saw a bearish impulse. A new weekly low was created at the 0.13300 level, and for now, the pressure has moved to that level.
The EMA 50 moving average is now on the bearish side and could only worsen the picture for Dogecoin. Potential lower targets are 0.13200 and 0.13000 levels. The EMA 200 moving average is a step lower at the 0.12750 level. For a bullish option, we need a positive consolidation and a return up to the 0.13800 level. There, we will test the daily open price. With momentum above the daily open price, we could initiate a recovery above 0.14000 and increase the weekly open price. Potential higher targets are the 0.14200 and 0.14400 levels.
Shiba Inu chart analysis
The Shiba Inu price has been in retreat since the beginning of this week. A new weekly low was formed this morning at the 0.00001700 level. Before that, we saw an attempt to stay above the 0.00001740 level, but the bearish momentum was strong and broke below. We are now consolidating at this week’s low and trying to stabilize there. If the pressure on the price continues, it will fall below and form a new weekly low.
Potential lower targets are the 0.00001680 and 0.00001660 levels. For a bullish option, we need a positive consolidation and a return to the 0.00001780 level. There, we return to the EMA 200 moving average zone. If we manage to move above that obstacle, the way to further recovery opens up for us. Potential higher targets are the 0.00001800 and 0.00001820 levels.
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