Dogecoin and Shiba Inu continue to descend to new lows
The Dogecoin price continued this morning with bearish consolidation to a new weekly low at 0.11814.
This morning, the Shiba Inu price formed a new weekly low at 0.00001557.
Dogecoin chart analysis
The Dogecoin price continued this morning with bearish consolidation to a new weekly low at 0.11814. Yesterday’s attempt to hold above 0.12400 ended without success. This was followed by a bearish impulse and a break of the bullish formation. After that, the price fell to 0.12100 but failed to hold there either. This led to a further pullback to this morning’s low. Dogecoin is still under pressure, hovering around the 0.12000 level.
The price could easily continue on the bearish side and form a new weekly low. Potential lower targets are the 0.11600 and 0.11400 levels. For a bullish option, we need a positive consolidation above the 0.12200 level. Then, we need to keep up there. If we succeed, the price could start a bullish recovery to higher levels. Potential higher targets are the 0.12400 and 0.12600 levels.
Shiba Inu chart analysis
This morning, the Shiba Inu price formed a new weekly low at 0.00001557. Yesterday’s bullish formation did not last, and the price made a breaking of the trend. After that, we saw a drop to the 0.00001580 level. Then, this morning, the price tried to initiate a recovery but met resistance at 0.00001600. We are now at 0.00001580 and trying to start another bullish consolidation again.
Potential higher targets are 0.00001600 and 0.00001620 levels. New support at 0.00001620 is the EMA 50 moving average. For a bearish option, we need negative consolidation and a drop below this morning’s low. This will form a new weekly low and confirm the weak price of the Shiba Inu. Potential lower targets are the 0.00001540 and 0.00001520 levels.
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