See More

Shiba Inu (SHIB) and Dogecoin (DOGE) Price Hang On Despite Elon Musk Resignation

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • DOGE and SHIB are following descending resistance lines.
  • It completed an A-B-C correction.
  • SHIB is trading below the $0.0000097 resistance area.
  • promo

The Shiba Inu (SHIB) price and the Dogecoin (DOGE) price are both following descending resistance lines, a sign of a downward trend.

Dogecoin Price Resumes Descent

Dogecoin is the largest meme token based on its market cap. Its most well-known fan is Elon Musk. Despite his decision of Dec. 19 to step down as CEO of Twitter and the negative ramifications this could have for Twitter crypto payments, the DOGE price has experienced no price setback yet.

Despite the poll’s results stating that most people want him to step down, Mr. Musk has received support from notable cryptocurrency figures, such as Vitalik ButerinMichael Saylor, and Changpeng Zhao.

However, the DOGE price has already been mired in a decrease below a descending resistance line since Nov. 1. The resistance line caused a rejection on Dec. 5 (red icon), accelerating the rate of decline. This led to a low of $0.069 on Dec. 19. 

Additionally, it caused the daily RSI to decrease below 50 (red circle), a sign associated with bearish trends. 

Finally, the Dogecoin price movement since Nov. 9 resembles a completed A-B-C corrective structure. All these signs indicate that the continuation of the Dogecoin price decrease is expected. 

If so, the DOGE price could find support near an ascending support line at $0.06. 

Conversely, breaking out from the resistance line would invalidate this bearish DOGE price forecast.

Dogecoin (DOGE) Price Resistance
DOGE/USDT Daily Chart. Source: TradingView

Shiba Inu Price Fall Below Support

Similar to DOGE, the Shiba Inu price has also decreased below a descending resistance line since Aug. 14. The line caused numerous rejections between Oct. 29 – Nov. 5 (red circle). Afterward, the SHIB price broke down below the $0.0000097 horizontal area, which had acted as support since July. 

After the breakdown, the area rejected the SHIB price on Dec. 4 (red icon) and fell over the next 24 hours. So far, it has reached a low of $0.0000079.

The yearly lows create the next closest support area at $0.0000076. The most likely scenario is a gradual drop toward it.

Breaking out from the resistance line and reclaiming the $0.0000097 area would mean that the trend is bullish instead.

Shiba Inu (SHIB) Price Resistance
SHIB/USDT Daily Chart. Source: TradingView

To conclude, the DOGE and SHIB prices both show bearish signs, indicating that the downward movement is likely to continue. Breaking out from their respective resistance lines would mean that a bullish reversal has begun instead.

For BeInCrypto’s latest crypto market analysis, click here.

Top crypto projects in the US | June 2024



In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)