Even though the overall crypto market is doing well, meme coins are having a hard time attracting enough buyers. Because of this, the top meme coins are seeing stronger selling pressure near key price levels. Interestingly, both Dogecoin and Shiba Inu have recently made multiple higher lows, suggesting that might be due for a short-term drop.
Memecoins Struggle Despite a Surge in OI
Despite a strong surge in open interest, the price of Dogecoin and Shiba Inu continue to struggle. Dogecoin’s futures open interest has gone up by 78% in the past seven days. This increase happened even though Bitcoin’s price has dropped a lot from its recent peak. Because of this, the total value of open Dogecoin futures positions rose from $1.7 billion to $3.03 billion.
On the other hand, Shiba Inu’s open interest jumped by more than 61% over the past week, climbing from $152 million to over $246 million. However, despite the sharp rise in open interest for both SHIB and DOGE, this hasn’t led to a strong price rebound on the charts.
Dogecoin Price Analysis
Dogecoin price is forming multiple higher highs around $0.25 level. However, sellers continue to dominate a surge on the price chart, keeping the price around support channels. As of writing, DOGE price trades at $0.2336, declining over 2.1% in the last 24 hours.
The rally is now hitting selling pressure around $0.25, which might lead to a pullback toward the $0.21 level. If the price bounces back strongly from $0.21, it would show that traders are now more willing to buy on dips instead of selling into rallies, raising the chances of a move up to $0.265. A successful move above that level might send the price toward $0.32.
To stop this upward momentum, sellers would need to push the price below the 20-day EMA (currently at $0.231). If that happens, DOGE/USDT might head toward $0.2.
Also read: Dogecoin Eyes $0.30 After Breakout: But Is A Pullback on the Cards?
Right now, the price has started to dip from $0.26, with the next support levels at $0.22 and $0.21. If the price finds support and bounces from this zone, it would suggest buyers are stepping in at lower levels. In that case, the bulls may try to drive the price above $0.26 again.
Shiba Inu Price Analysis
SHIB price is facing bearish correction below the $0.000017 level. Buyers are holding the price above EMA20 trend line but might soon face selling pressure. Currently, SHIB price trades at $0.0000158, declining over 2.2% in the last 24 hours.
This rally has pushed the RSI toward 51 level, meaning an equal domination from both side traders. If SHIB holds above the immediate support of $0.00001475, we might see another retest of the $0.000017 level. A push above this level could send Shiba Inu toward $0.000019.
However, this bullish outlook could fade if the price drops below $0.00001475. A drop below this might consolidate SHIB price around $0.00001225.
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