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- 1 The ShibaDoge crypto price is down nearly 3.46% in Intraday and trades close to 0.00016 USD.
- 2 The SHIBDOGE price has broken below the 20-day exponential moving average, suggesting weakness over the daily chart.
The ShibaDoge crypto is on a four-day losing streak and is continuing its move toward the south on Saturday. The bears seem to be strong at the moment, as the price has made a breakdown below the 20-day exponential moving average.
The SHIBDOGE crypto experienced a short-term bull run in the 1st week of March 2024 and surged 130% a week. The short-term gain triggered a profit booking among the short-term traders and Investors, and the price dropped.
The 20-day EMA acted as a dynamic support and tried to halt the further decline. The bulls could not hold more, and the crypto broke down after witnessing a short-term consolidation near it.
The bears seem to have won the short-term trend control as the price has broken below the 20 EMA. The price is headed towards the 50-day EMA at $0.000159. On the lower side, the $0.00016 is the previous breakout zone, which may act as support and try to prevent further falls.
ShibaDoge Crypto Volume Analysis
The volume analysis shows that the SHIBDOGE crypto received $163.95 Million in the last 24 hours, which is 20% lower than the previous day’s volume. The decreasing volume indicates that crypto might lose momentum on the lower side.
Also, the volume to market capitalization is 3.25%. It has a live market capitalization of 5 Million USD and ranks 3427th in the overall crypto market.
SHIBDOGE Price Technical Analysis.
From a technical point of view, the SHIBDOGE cryptocurrency price dropped below the 20-day EMA, suggesting weakness in the short-term trend. However, on the lower side, the 50-day EMA may act as a dynamic support and prevent further falls. The long-term trend outlook remains positive as the crypto stays above the 200-day EMA.
At the time of writing, the MACD and signal lines have made a bearish crossover, suggesting a negative sentiment dominating the market.
ShibaDoge Crypto Trend Analysis
The short-term outlook has weakened after the breakdown below the 20-day EMA. However, the bulls may return near the higher EMAs of 50 days and try to regain control in the short term.
Now, if the bulls can make a comeback near the previous breakout zone, the crypto may reverse its course toward the higher side. On the higher side, the short-term traders may target the recent swing high of $0.00023 as the 1st target if the price turns bullish.
However, if the bulls cannot counter near the recent support and the bears can make a breakdown, it may validate the initiation of a correction phase, and the price may drop more.
Conclusion
The ShibaDoge price is on a four-day losing streak and has made a breakdown of 20-day EMA. The bears seem strong and intend to retrace the 50-day EMA. The technical indicators show weakness in the trend.
On the lower side, the 50-day EMA may act as dynamic support. If the bulls can make a comeback and the price reverses its course, more buying volume may be observed above the recent swing high.
However, if the bulls fail to receive and the price breaks below the 50-day EMA, it may invite more selling volumes, and the correction phase may continue.
Technical levels:
- Support levels: $0.00016 and $0.00014
- Resistance levels: $0.00019 and $0.00023
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
