Analyst Filip L. suggests that Dogecoin price will drop below $0.10 as the downside winds grow. According to the analyst, Dogecoin price action is retracing below the descending trendline. On the other hand, according to analyst Jonathan Morgan, although selling pressure continues in the Shiba Inu, SHIBA maintains its critical support level. Now kryprokoin.comWe look at the details.
Dogecoin price and downtrend
According to the analyst, the DOGE price started to resume its downtrend as the geopolitical situation deteriorated the market sentiment; Once the monthly S1 support is broken, expect DOGE price to drop below $0.1 in the coming days. Dogecoin (DOGE) price will start a downtrend again as geopolitical news and the upcoming Fed rate decision put a heavy weight on cryptocurrencies. The monthly S1 support level at $0.12 is the only nearby support keeping losses limited. Once that clears up, expect a quick sell-off towards $0.094 to drop below $0.1 and hold the 30% loss, says Filip L.
Dogecoin is ready to earn 30%. Dogecoin price seemed to start the week off promisingly as the DOGE price surged on Sunday. However, sentiment quickly deteriorated after a series of events on Monday morning as the geopolitical situation between Russia and the US worsened on Monday morning and market participants decided to stay on the sidelines ahead of the FED’s interest rate decision next week. As the bears recognize opportunities to lower DOGE price, a break below the red descending trendline in August adds arguments to their case to advance big for a short drop.
The analyst’s predictions about the DOGE price continue. As the Doge continues its decline on January 22, it will see the monthly support of S1 at $0.12 as the first and only support element in the short term. A break below will see lots of stops from the bulls triggering, giving the bears a free ride up to $0.094. Expect profits at this level as the bears will generate a 30% profit from the entry at the red descending trendline around $0.13, says Filip L. As mentioned earlier, the S1 support level could prevent the DOGE price action from adding additional value. Once this level holds, wait for the markets to perceive this as evidence of bullish existence and set the stage for a false fall and then a break above the red descending trendline again. The bulls will then flock to the DOGE price response and if the current headwinds subside as quickly as they come, they will push the price action further to $0.16 or even $0.19.
Shiba Inu selling pressure continues
Shiba Inu selling pressure remains, but SHIB remains critical support. The Shiba Inu price has dropped more than 44% last week. Despite Sunday’s gain, selling pressure continues. The Shiba Inu price action, like the entire cryptocurrency market, has faced some significant selling pressure. The bears continue to put pressure on SHIBA, which is down more than 80% from its all-time high. According to analyst J.Morgan, Shiba Inu price is likely to form support between $0.000016 and $0.000020. Shiba Inu price action has rejected previous signals that a bullish reversal may occur. In early January, there was some evidence that SHIBA could push for a field test worth $0.0000050, but these estimates have been dispelled.
According to the analyst’s information, from the perspective of Ichimoku Kinko Hyo, Shiba Inu’s upcoming support on the daily chart is zero. In other words, inside the Ichimoku system on the daily chart, SHIBA is in price exploration mode and has a free hand to move lower. The closest Ichimoku support level for the Shiba Inu is on the weekly Ichimoku chart. Senkou Span A is the nearest Ichimoku support level for Shiba Inu price at $0.000007. The Daily Composite Index hit all-time lows. At the same time, the Relative Strength Index is just above the first oversold level in a bear market at 30. Shiba Inu price will need a daily close above Tenkan-Sen, Kijun-Sen and Control Volume Point to get any hint that this current downtrend is ending. A close at or above $0.000028 will invalidate any further short-term bearish outlook.
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