Still Tight With Dogecoin, Shiba Inu? A Look at Crypto as Popularity Declines

dogecoin DOGE/USD And Shiba Inu shib/usd Each fell about 2% during Tuesday’s 24-hour trading session Bitcoin BTC/USD And Ethereum ETH/USDwhich was decreasing by 1.5% and 3.5% respectively.

American billionaire entrepreneur and television personality mark cubano Dogecoin’s popularity has been declining recently, as evidenced by the decrease in Dogecoin transactions. Dallas Mavericks’ Tickets and merchandise.

The popularity of the Shiba Inu is also showing a steep decline. For the month of July, data collected by Feinbold shows that Google searches including the keyword “shiba inu” declined to their lowest level since May 1, 2021.

Since November 2021, the cryptocurrency sector as a whole has experienced a massive downturn, with several analysts now confirming that a crypto winter is upon us. The bearish season will not last forever, although Dogecoin and Shiba Inu are still looking to the downside for the time being.

Want direct analysis? Find me at BZ Pro Lounge! Click here for a free trial.

Dogecoin Chart: Dogecoin confirmed a new downtrend during Monday’s 24-hour trading session, when the crypto printed a low below its July 23 low of $0.0659. The most recent lower high within the pattern was printed the following day at $0.0689.

During Monday’s session, Dogecoin printed a bearish Marubozu candlestick, which indicated that a lower price move is likely on Tuesday. Bullish traders would like to see Dogecoin eventually printing a Bullish reversal candlestick, such as a Doji or a Hammer candlestick, to signal a bounce to at least print another lower high.

Dogecoin is facing resistance above $0.065 and $0.083, and support is located at $0.057 and 5 cents.

Read |  Coinbase Introduces Ethereum Staking for US Institutional Clients

Shiba Inu Chart: Like Dogecoin, the Shiba Inu is trading in a downtrend with the most recently confirmed low on July 23 at $0.00001130 and the most recent high forming the following day at $0.000001187.

Furthermore, like Dogecoin, the Shiba Inu printed a bearish Marubozu candlestick during Monday’s session, which received a bearish follow-through on Tuesday. Daily trading volume on the Shiba Inu is declining, which indicates that a reversing candlestick is likely to print in the coming days.

Resistance for the Shiba Inu is located above $0.000001349 and $0.00001734 and there is downside support at $0.00000975 and $0.000000856.

See also: Shiba Inu (SHIB) addresses burn portal underperformance
Photo: Furkan Qbook via Shutterstock

Source link