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- 1 SHIBDOGE price chart displays lower low structure and is witnessing a selloff.
- 2 Buyers have lost momentum and look trapped.
The SHIBDOGE price chart displays follow on selling pressure and is facing bearishness in the past few weeks. Despite the notable surge of over 130% in the first week of March, sellers entered into the battle and aggressively led a reversal, resulting in a notable decline over 40% in the last two weeks. However, the price has retested the 100 day EMA mark and made a double bottom formation. If any selloff happens, the token may retest the 200 day EMA, otherwise, a panic selloff could occur. Conversely, in case of a rebound, bulls would surpass the 50 day EMA and gain momentum.
At press time, the Shibadoge token (SHIBDOGE) price was trading at $0.0001468 with an intraday drop of 1.10%, reflecting bearishness on the charts. It has a monthly return ratio of -25.40% and 9.30% on a yearly basis. The intraday trading volume jumped over 8.90% to $104,417 witnessing low volume activity, whereas the market cap is $17.64 Million. Analysts are neutral and suggest that SHIBDOGE price may continue to drain gains and will retest the downside of $0.0001300 soon.
Over the past few sessions, the token has witnessed profit booking and retraced over 42% this month, replicating selling pressure on the charts. However, the token has retested the 100 day EMA mark and may continue to drag toward the 200 day EMA mark toward $0.0001300.
SHIBDOGE Price To Volume Profile On Daily Charts
On the daily chart, the SHIBDOGE token price and volume indicate selling pressure in the last sessions. Moreover, the trend is bearish and the token delivered sellers dominance in the past weeks. During the first week of this month, bullish waves were noted and the token jumped over 120%. Afterward, the reversal happened, and the token persisted in eroding gains.
Per the Fib retracement levels, the SHIBDOGE price has retraced below the 23.6% zone and is trading near the lower bollinger band. The RSI curve stayed in the oversold region and is showing a negative divergence suggesting a continuation of the selling pressure move for the next sessions.
The total supply of the token is 4.20 sextilion and the volume to market cap ratio is 0.00592. The fully diluted market cap of the token is $17.64 Million, whereas it stands at 3253 per the market cap in the global crypto market.
Summary
The SHIBDOGE price has regressed to the 100-day EMA mark and is delivering the bearish waves on the charts. Furthermore, the trend is bearish and the token may continue to slide gains ahead. Conversely, if the token attains a rebound, it may retest the 50 day EMA mark near $0.001530.
Technical Levels
Support Levels: $0.0001400 and $0.0001320
Resistance Levels: $0.0001550 and $0.0001620
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
