Memecoins Drop Heavily, Will DOGE & SHIB Price Revive Another Spike in August?
The post Memecoins Drop Heavily, Will DOGE & SHIB Price Revive Another Spike in August? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
The crypto markets after an interim jump have again fallen into the same bearish well, nullifying all the gains, gained during the recent jump. Just before a couple of days, the Bitcoin price was closer to slicing through the bearish trend and laying down a clear path toward $30,000. However, the recent price action suggests, that the BTC price may now form lower levels, below the yearly highs.
In such a case, Ethereum followed by the popular altcoins is also expected to drop heavily. It is a known fact that the DeFi & NFT space will be heavily impacted by the ETH price plunge and may drop 10 times more than the top 2 crypto assets.
Therefore, a leg pulled lower may drag the Dogecoin & Shiba INU price lower by another 20% to 25% lower before the end of August.
Dogecoin (DOGE)
- The DOGE price after the recent rejection in an attempt to surpass the upper resistance could probably hit the lower support
- A bounce may be expected from the lower support but it may not have a larger impact as the volume has slashed heavily
- Therefore, a minor consolidation may be imminent until the asset preaches the apex, further to which the asset could flow along the path of the induced volume.
Shiba (INU)
- The Shiba INU price was swinging within a parallel rising channel, which was broken amid the recent upswing. However, the price dropped back within the same channel but displaying possibilities of an uptrend
- The volume has dropped notably which may have impacted the rally negatively which is currently consolidating along the middle bands of the channel
- If the SHIB price raises beyond the middle bands, then the possibility of retesting the upper resistance appears to be high
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