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{"id":6698,"date":"2021-09-28T21:00:57","date_gmt":"2021-09-28T21:00:57","guid":{"rendered":"https:\/\/cryptocurrencypanther.com\/2021\/09\/28\/dogecoin-shiba-inu-at-risk-of-steep-correction\/"},"modified":"2021-09-28T21:00:57","modified_gmt":"2021-09-28T21:00:57","slug":"dogecoin-shiba-inu-at-risk-of-steep-correction","status":"publish","type":"post","link":"https:\/\/cryptocurrencypanther.com\/2021\/09\/28\/dogecoin-shiba-inu-at-risk-of-steep-correction\/","title":{"rendered":"Dogecoin, Shiba Inu at Risk of Steep Correction"},"content":{"rendered":"

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Key Takeaways<\/h3>\n
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Dogecoin and Shiba Inu\u2019s social engagement metrics have plummeted since May.\u00a0<\/li>\n
DOGE is now sitting on weak support, ready to retest $0.17.\u00a0<\/li>\n
Likewise, SHIB is primed for a downswing to $0.00000582.<\/li>\n<\/ul>\n<\/section>\n
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Share this article<\/h4>\n<\/section>\n
Dogecoin and Shiba Inu have lost the crowd support that allowed them to skyrocket to new all-time highs. Until retail interest is back, both assets could suffer further losses.\u00a0<\/span><\/p>\n
Dog Tokens Look Ready to Dip\u00a0<\/span><\/h2>\n
Dog tokens are losing steam.\u00a0<\/span><\/p>\n
DOGE and SHIB surged in tandem earlier this year, posting extraordinary returns ahead of a market-wide crash in May. Along with many other digital assets, both hit all-time highs as retail interest in the space hit a peak.\u00a0\u00a0<\/span><\/p>\n
Data<\/span><\/a> from LunarCRUSH shows that Dogecoin and Shiba Inu\u2019s social engagement metrics soared amid the market frenzy. LunarCRUSH measures social media engagements such as favorites, likes, comments, replies, retweets, and shares. DOGE recorded more than 1.76 billion on May 9, while SHIB hit 122 million.\u00a0<\/span><\/p>\n
$\"Dogecoin$
Source: LunarCRUSH<\/a><\/em><\/figcaption><\/figure>\n
However, the level of social activity for both assets has plummeted since May. Dogecoin\u2019s social activity is currently hovering around 150 million engagements per day, while Shiba Inu\u2019s is closer to 10 million.\u00a0<\/span><\/p>\n
As interest in DOGE and SHIB is weakening, their prices could be facing a steep decline.\u00a0<\/span><\/p>\n
Dogecoin Looks Stagnant<\/span><\/h2>\n
Dogecoin\u2019s price action has been stagnant for the past five months. The tenth-largest cryptocurrency by market cap has been recording a series of lower highs while the $0.17 support level absorbs any downswing.\u00a0<\/span><\/p>\n
From a technical perspective, it seems that the price behavior has led to the formation of a descending triangle on the daily chart. With DOGE edging closer to the consolidation pattern\u2019s apex, a significant price movement could be imminent.\u00a0<\/span><\/p>\n
A decisive daily candlestick close above the triangle\u2019s hypotenuse at $0.26 could result in an explosive breakout towards $0.41. Still, investors need to watch out for the triangle\u2019s x-axis at $0.17 since losing this level as support could see DOGE crash to $0.04.<\/span><\/p>\n
$\"Dogecoin$
Source: TradingView<\/a><\/em><\/figcaption><\/figure>\n
While the macro outlook<\/a> points to further stagnation until either support or resistance breaks, the near future looks bearish.\u00a0<\/span><\/p>\n
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\n $\"SIMETRI$ <\/a>\n<\/div>\n<\/div>\n
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\n $\"Sanctor$ <\/a>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Dogecoin is currently being held by the Tom DeMark (TD) Sequential\u2019s setup trendline at $0.198. This support level is getting weaker over time, suggesting that a violation is near. A break of this level is likely to happen soon, which would likely push DOGE down toward the triangle\u2019s x-axis at $0.17.\u00a0<\/span><\/p>\n
Shiba Inu to Retest Support<\/span><\/h2>\n
Like Dogecoin, Shiba Inu has endured<\/a> a prolonged stagnation period. Its price appears to be contained within a parallel channel on the daily chart.\u00a0<\/span><\/p>\n
Every time SHIB has risen to the channel\u2019s upper or middle boundary since Jun. 5, a rejection has occurred, pushing prices to the lower edge. From this point, it tends to rebound, which is consistent with the characteristic of a channel.<\/span><\/p>\n
SHIB was recently rejected from the channel\u2019s upper boundary and currently trades below the middle trendline. These conditions indicate that if the price action seen over the past month repeats, Shiba Inu will dive to the channel\u2019s lower edge at $0.00000582.<\/span><\/p>\n
$\"Shiba$
Source: TradingView<\/a><\/em><\/figcaption><\/figure>\n
It\u2019s worth noting that SHIB needs to hold to $0.00000582 in the event of a bearish impulse, as closing below this critical demand wall could lead to a 36% correction.\u00a0<\/span><\/p>\n
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Share this article<\/h4>\n<\/section>\n
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n
See full terms and conditions<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/section>\n
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AMC Is Considering Dogecoin Alongside Other Cryptos<\/h3>\n
\nAdam Aron, CEO of AMC Entertainment, polled his Twitter audience today on the possibility of accepting Dogecoin. More Than 80% of Respondents Support Dogecoin Aron posted this message on his… <\/p>\n<\/div>\n<\/div>\n
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Shiba Inu Token Is Up 25% Following Coinbase Listing<\/h3>\n
\nCoinbase has listed Shiba Inu (SHIB) on its main exchange, according to an announcement from the crypto trading company. Coinbase Lists Shiba Inu Today\u2019s listing means that investors will be… <\/p>\n<\/div>\n<\/div>\n
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Efficient Market Hypothesis: Does Crypto Follow?<\/h3>\n
\nThe Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the… <\/p>\n<\/div>\n<\/div>\n
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Slim Jim Celebrates \u201cDoge Day\u201d With Shiba Inu NFT<\/h3>\n
\nSlim Jim took part in the Dogecoin community\u2019s \u201cDoge Day\u201d event today by creating a non-fungible token or cryptocollectible. Slim Jim Creates NFT The company behind Slim Jim snack foods… <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n

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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Key Takeaways Dogecoin and Shiba Inu\u2019s social engagement metrics have plummeted since May.\u00a0 DOGE is now sitting on weak support, ready to retest $0.17.\u00a0 Likewise, SHIB is primed for a downswing to $0.00000582. Share this article Dogecoin and Shiba Inu have lost the crowd support that allowed them to skyrocket to new all-time highs. Until […]<\/p>\n","protected":false},"author":1,"featured_media":6699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[1348,81,101,254,100,3036],"class_list":{"0":"post-6698","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-dogecoin","8":"tag-correction","9":"tag-dogecoin","10":"tag-inu","11":"tag-risk","12":"tag-shiba","13":"tag-steep"},"_links":{"self":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/6698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/comments?post=6698"}],"version-history":[{"count":0,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/6698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media\/6699"}],"wp:attachment":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media?parent=6698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/categories?post=6698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/tags?post=6698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}