- Dogecoin and Shiba Inu prices continue to edge down on Monday after falling more than 10% on the previous day.
- These dog theme-based memecoins liquidated over $90 million leveraged traders in 24 hours.
- The technical outlook suggests a continuation of the downleg, as both memecoins’ momentum indicators favor downward move.
Dogecoin (DOGE) and Shiba Inu (SHIB) prices continue to edge down on Monday after falling more than 10% the previous day. The recent downturn has liquidated over $90 million from these dog theme-based memecoins in the last 24 hours. The technical outlook suggests the continuation of the downturn, as both memecoins momentum indicators show a bearish trend.
Dog memecoins traders face massive wipeout
The dog theme-based memecoins DOGE and SHIB declined more than 17% in the last two days. The coins continue their double-digit declines on Monday, triggering a wave of liquidations, resulting in over $90 million in total liquidations and more than $80.91 million specifically in DOGE, according to data from CoinGlass.
Huge Liquidations like this could spark Fear, Uncertainty and Doubt (FUD) among the dog theme-based memecoins investors and could cause a rise in selling pressure, leading to further decline in its prices.
DOGE Liquidation chart. Source: Coinglass
SHIB Liquidation chart. Source: Coinglass
Dogecoin Price Forecast: Bears take the lead
Dogecoin price faced rejection around its 61.8% Fibonacci retracement level on January 21 (drawn from the December 8 high of $0.48 to the December 20 low of $0.26) at $0.40 and declined 27.80% in the next 10 days, closing below its 200-day EMA at $0.31 on Saturday. At the time of writing on Monday, it continues to trade down by 13.4%, around $0.23.
If DOGE continues to crash, it could extend its decline to test its weekly support at $0.18.
The Relative Strength Index (RSI) on the daily chart reads 25, below its oversold levels of 30, indicating a strong bearish momentum. Moreover, the Moving Average Convergence Divergence (MACD) also continues to show a bearish crossover, suggesting the continuation of a bearish trend.
DOGE/USDT daily chart
Shiba Inu Price Forecast: Bears aim for $0.000010 mark
Shiba Inu price broke and closed below its ascending trend (drawn from connecting multiple lows since August 5) on January 24 and declined 22.22% in the next 8 days, closing below the November 3 low of $0.000016 on Sunday. At the time of writing on Monday, it continues to trade down by 11.61%, around $0.000013.
If SHIB continues its correction, it could extend its decline to test the August 5 low of $0.000010.
The RSI on the daily chart reads 23, below its oversold levels of 30, indicating a strong bearish momentum. The MACD also continues to show a bearish crossover, suggesting the continuation of a bearish trend.
SHIB/USDT daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Solana plunges as ETF speculators bet billions on XRP and DOGE
Solana (SOL) price tumbles as low as $180 on Monday, down over 9% in three consecutive days of losses. Bearish dominance in the SOL derivatives markets suggests the downtrend could extend in the week ahead.
Shiba Inu Price Analysis: SHIB whale demand declines 88% amid two-week consolidation phase
Shiba Inu (SHIB) price opened trading around the $0.000016 mark on Monday, having consolidated within a 5% tight range over the last two weeks.
Solana-based meme coin LIBRA controversy heats up, Argentina President hit by lawsuit
Argentina’s President Javier Milei faces charges of fraud for the promotion of LIBRA meme coin on the Solana blockchain. An on-chain intelligence tracker links LIBRA meme coin to MELANIA and claims that the creator extracted $100 million from the former.
Bitcoin Price Forecast: BTC stalemate soon coming to an end
Bitcoin price has been consolidating between $94,000 and $100,000 for almost two weeks. US Bitcoin spot ETF data recorded a total net outflow of $580.2 million last week.
Bitcoin: BTC consolidates before a big move
Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.
The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.