Dogecoin (DOGE) Price Analysis
The Dogecoin, decoupling from the market trends, surged significantly high after rebounding from its bottoms at $0.0732. Meanwhile, it faced a minor rejection from $0.088, but with the fresh bullish push, the DOGE price rose, slicing through the bearish pattern. However, the upswing may still not be validated as the possibility of the token dropping back to the bearish pattern still prevails.
DOGE price successfully climbed above the pattern, but it also showed the potential for a quick bearish action. Meanwhile, if the bears consolidate their strength, a significant decline could drag the price below $0.08 and force them to test the lower support at $0.0721. Conversely, if the coin continues to range higher, it could reach an immediate resistance above $0.1 in the coming days.
Shiba INU (SHIB) Price Analysis
Shiba INU price has been experiencing a huge descending trend ever since the FTX exchange collapsed, a couple of days ago. While the bearish market conditions also fueled the descending trend, the recent Dogecoin price rally uplifted the SHIB price to some extent. However, the upswing may not be completely validated as it appears to be just a short-term bounce, trapping the bulls at local highs.
SHIB price broke the crucial $0.00000962 level and quickly recovered successfully higher levels. Unfortunately, the price faced a massive rejection at the interim high of $0.0000105, which squeezed the rally to the downside. Currently, SHIB price is moving back towards the same level and seems to drop below the level very soon as the buying volume has reduced drastically.
Collectively, the Dogecoin (DOGE) and Shiba INU (SHIB) prices appear to have undergone a short-term bounce, trapping the bulls at the local highs.
