Shiba Inu vs Dogecoin: Race to Erase a Zero in Value

Jonathan Stoker Jan 30, 2024, 20:50pm 45 views

Shiba Inu vs Dogecoin: Race to Erase a Zero in Value

During this week, minor surges were witnessed in DogecoinDogecoin$0.091 -0.42% and Shiba InuShiba Inu$0.000010 -2.05%. Despite this, they continue to struggle beneath solid resistance areas that have persistently thwarted further upside. The two prominent meme coins, Dogecoin and Shiba Inu, are under mounting pressure to illustrate upside breakouts and confirm near-term lows. Nevertheless, if either cryptocurrency stalls or folds, these top meme coins could experience considerable technical devastation.

Dogecoin's Price Performance

DOGE currently struggles to establish support above its 100-day moving average, as it loses momentum after regaining the $0.082 level which previously obstructed its upside movements. The coin now fights to maintain a steady position above $0.080, with the risk of breaching a long-term symmetrical triangle continuation pattern.

Shiba Inu's Price Performance

Shiba Inu narrates a similarly challenging tale after a temporary surge post the recent swing lows. However, the critical barrier of $0.000010 halted the meme coin, replicating the scenario from last October. Presently, SHIB lingers under resistance, although it remains elevated compared to mid-January.

Trading Volumes and Directional Indicators

Declining trading volumes and unclear directional indicators for both coins indicate that buyers' confidence is insufficient to definitively overturn the severe downtrends that have been in place since 2021.

Predictions: Who will Eliminate a Zero Soon?

Changelly's analysts predict that by the end of February, Shiba Inu could potentially eliminate a zero. However, forecasts suggest that DOGE may only achieve this feat by 2025.

Increased Volatility Expected

As monthly closures draw near, heightened volatility is expected. Yet, in the absence of key trendline breaks, upside targets like $0.10 for DOGE and $0.00001 for SHIB remain elusive. A broader recovery in the crypto market could potentially salvage the top meme coins.

Edited by Jonathan Stoker

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