Following the rapid decline of Bitcoin, the “red” color dominated the crypto money markets. What about the current state of the markets, the two most powerful names of meme coins? dogecoin (DOGE) and shiba inuHow did it affect your (SHIB)?
Shiba Inu (SHIB) continues to increase its market value. While other crypto assets followed the general decline in the market, SHIB made an aggressive move and tried to push its price above $0.000060.
SHIB, which marked the last two quarters of 2021, continues to increase its price as if it did not care about Bitcoin’s decline below the psychological level of $ 60,000. While all this is happening Ethereum (ETH) is testing the support level at $4,150, Solana (SOL) is trading below the $200 level, and lastly, Ripple (XRP) declined below $1.10.
The most valuable name in the meme coin world dogecoin (DOGE) followed the market trends and fell more than 14%. Interest in Dogecoin seems to be on the decline, Robinhood reported.
While interest in Dogecoin is declining, the rise of Shiba Inu could also mean a new “meme coin” dominance. According to CoinMarketCap, Shiba Inu has an average market cap of $22 billion, while Dogecoin has a market cap of $33 billion.
Technical analysis
The Shiba Inu managed to settle above the resistance at $0.000055 and it is attempting to settle above the next resistance level emerging at $0.00005950.
The SHIB is currently in the overbought territory of the RSI, very close to the yearly highs it reached in early October. Although the current uptrend is very strong, it is quite possible to see rapid retracements in the price from time to time.
If the Shiba Inu manages to break above the resistance at $0.00005950, it will gain additional momentum in its upward move and move towards new highs.
On the support side, the previous resistance at $0.000055 has been updated as the first support level for the Shiba Inu. The next level of support is seen at $0.0004950.
shiba inu If it breaks below this level, it will move towards the support at $0.000047. A successful test of this level will pave the way for a test of the support at $0.0004450.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.