- Following the bearish sentiment in the market, Dogecoin (DOGE) and Shiba Inu (SHIB) prices plunged by over 2% on a daily chart after facing selling pressure on exchanges
- While DOGE is currently trying to gain real utility beyond hype, it is still stuck in the consolidating pattern amid turmoil in the crypto market
- Shiba Inu has also crashed significantly by over 2.37% on a daily chart, forcing its price to fall below $0.000005864
On April 2, some popular memecoins, including Dogecoin (DOGE) and Shiba Inu (SHIB), witnessed a downward trend following the bearish sentiment in the crypto market.
Dogecoin Price Drops by 2.8% on a Daily Chart
Dogecoin (DOGE) price has dropped by approximately 2.79% in the last 24 hours. At the time of writing, Dogecoin’s price is revolving around $0.09044 with a market capitalization of $13.89 billion, according to CoinMarketCap.
This drop in the memecoin was seen after a period of relative stability, where the Dogecoin price had revolved around $0.093 earlier in the session before sellers entered the market. The 24-hour trading volume soared above $1 billion. The circulating supply is around 153.66 billion Dogecoin with no maximum cap in place. These numbers are showing a small correction amid ongoing volatility in the wider cryptocurrency sector.
The reason behind the price drop is directly related to overall crypto market trends and turmoil in the traditional financial markets due to the ongoing war in the Middle East between U.S.-Iran.
Many investors have reduced holdings in riskier assets like cryptocurrencies because of uncertainty around future interest rate moves and global events that make people more careful with money.
Dogecoin follows its correlation with Bitcoin, so any slowdown in the leading cryptocurrencies, like Bitcoin, might create extra selling in meme coins. In this instance, the price dropped after modest recent gains, which encouraged some traders to take profits and lock in returns.
The Relative Strength Index on the daily chart is revolving around 48, which is showing that the memecoin is currently in neutral to slightly bearish momentum. It suggests that the cryptocurrency has room to move before hitting deeply into oversold conditions that also come with rebounds.
Apart from this, moving averages are suggesting that short term selling pressure because the price sits below many key lines on the chart. There are immediate support levels at around $0.0897 if the drop in the memecoin continues. On the flip side, there is a strong resistance level for any recovery starting at $0.093. If Dogecoin price soars above this level, there might be a small upward trend in the cryptocurrency.
Despite being completely reliant on a temporary hype, further Dogecoin ecosystem progress includes ongoing work on GigaWallet in beta testing, which is expected to simplify how businesses and developers accept Dogecoin for real-world transactions.
Shiba Inu Price Dips 2.37% Following Selling Pressure
On Thursday, Shiba Inu (SHIB) dropped by approximately 2.37% on a daily chart, forcing the SHIB price to drop below $0.000005864. According to CoinMarketCap, the memecoin is holding a market capitalization of $3.45 billion along with a trading volume of $119.27 million.
Similar to DOGE, the Shiba Inu price has been stuck in a consolidation phase for a week. The drop in the cryptocurrency was seen after selling pressure from exchange inflows.
At present, the bearish trend is dominating the crypto market, but the Shiba Inu price is now testing a key support level at $0.00000507. According to technical indicators, this level is hinting at a potential bounce from this zone.
If a reversal confirms, an upside move of approximately 18% has been directed toward resistance around $0.00000616.
Also Read: Uniswap Price Hits Monthly Low After 13% Crash in 24 Hours
Source: https://www.cryptonewsz.com/dogecoin-shiba-inu-prices-drop-2-market-dip/
