Shiba Inu and Dogecoin market cap slips to $1.06T. remain unchanged as
- Dogecoin is down just 3.91%, trading at 6 cents.
- The Shiba Inu remained faithful to his side movement to this day.
- Bitcoin and Ethereum also fell to $22.9k and $1.6k.
As the broader crypto market slipped into the red after a successful few days, the meme coin market was also hit by the bearish.
At the time of writing, the overall market capitalization is down by 3.56%, with Bitcoin and Ethereum also trading lower, trading at $22.9k and $1.6k.
Dogecoin at 7.6 cents
At the moment, this is the next important trigger for increasing pressure for investors as the altcoin has been struggling to break through for over a month.
Trading at $0.066, DOGE is down nearly 4% in 24 hours, making it more difficult for the meme coin to recover from its April-June 65.72% crash.
The Parabolic SAR has placed itself above the candlesticks, indicating a downtrend, while in reality, the altcoin is stuck in a sideways momentum.
However, reappearing the white dots under the candlesticks could prove to be more beneficial for DOGE.
Secondly, the Mem coin is once again on the edge of a bearish crossover that could hurt any chances of the altcoin’s recovery. If the broader market continues to report bearishness, it could be a bearish crossover, which could result in a further drop in prices.
Shiba Inu and its dilemma
The Shiba Inu is stuck in a similar situation to Dogecoin, which is struggling to break free from the consolidation it recorded a month ago. Since then, the meme coin has been trading around $0.00001200 and $0.00001100.
Furthermore, Mem Coin has also been unable to reclaim the 100-day Simple Moving Average (SMA) as support since May 2021.
The support of the 50-day SMA is keeping Alt safe from further downside in the price, but converting the 100-day SMA to support will help accelerate it further.
Also, the sooner SHIB does this, the better as the Relative Strength Index (RSI) is also in the bullish zone at the moment. However, since it is close enough to the neutral line, it may fall below it, which would not be in favor of the Shiba Inu.