Shiba Inu (SHIB) is making an appearance to end the week with losses. However, Dogecoin is hitting the base support level hard. FXStreet analyst Filip L. shares the levels that will be critical this week for both meme coins.
SHIB price faces 20% drop
Shiba Inu (SHIB) gained momentum on the downside after attempting to break the 55-day SMA line. The bulls saw their attempts fail and fell into the trap. These price movements squeezed the bulls down and tried to cut their losses. But bears, as seen with some other cryptocurrencies, were weak in this region.
Analyst Filip L. says the SHIB price could drop below $0.00000984 in July. SHIB could likely close at $0.00000800 on Sunday night around the S1 support level. With the July pivots very close together, support and resistance are giving the price action momentum for a breakout. On the downside, this still means a drop to $0.000000507
However, a weekly close above the 55-day SMA will act as a major game changer. It even marks the beginning of the end of the downtrend. As we mentioned above, with tighter pivot levels, an upside break would easily target $0.001708 as the summer season always comes with lower liquidity and correspondingly more significant price action. Dogecoin, on the other hand, is hitting a bearish border hard and falling.
DOGE price faces another 40% correction
Dogecoin has long been one of Elon Musk’s favorite cryptocurrencies alongside Bitcoin. But for the past few weeks, Musk has been completely silent on everything related to cryptocurrencies.
So the DOGE price lacks the explosive price action Musk provided. It also risks further collapse as long as it stays quiet. Analyst Filip expects a breakout of last week’s low near $0.0588. There is a risk of the price dropping from this zone to just above the historical key level of $0.0409 to $0.050.
On the other hand, the bulls are already pushing the 55-day SMA limit. Therefore, the next attempt is the right fit to break the backbone of the downtrend. To do this, the bulls will need to prevent the price action from falling below last week’s low. With that, they can maintain the momentum for now. The bulls are holding on to build more on this trend to clear a bullish break towards $0.010. cryptocoin.comYou can find Dogecoin news that we have prepared here.
