The battle between the two altcoins, Dogecoin and Shiba Inu took another turn in the last seven days.
Despite the enormous drop, both meme-coins were showing signs of recovery at the time of publication. The previous three hours have been quite positive for both of these coins.
In the aforementioned interval, DOGE managed to pull its socks up and register two green candles. SHIBA’s rebound, on the other hand, appeared to be more solid, with three consecutive green candles appearing on its hourly chart.
Interestingly, their volumes [seen below the candlesticks] have been rather high in the previous several hours as well. As a result, a significant number of players have begun “buying the dip.”
Will the battle continue at this rate?
SHIB broke above its declining channel and posted successive green candles less than a week ago. Its worth, on the other hand, immediately plummeted. In retrospect, the most recent trough didn’t appear to be so deep.
At the time of writing, SHIB was trading just below the 61.8 percent Fibonacci barrier on the daily chart. It might recoup $0.00003798 as support if it continues to project green candles during the following several hours.
However, if it fails to do so, SHIB might plummet to as low as $0.00002413. If bears take dominance over bulls in this situation, HODLers should expect this currency to revisit any level around $0.00000648.
DOGE’s prospects, on the other hand, appeared to be gloomy. Over the last day, the most popular meme-coin has broken through most of its supports and is now trading at a level similar to that of July. It had sunk to a low point earlier in the day that hadn’t been seen since April.
So, if the decline in DOGE’s charts continues and it manages to break below its $0.158 support level, there’s a good probability it’ll finish up below $0.101.
Nonetheless, it was able to maintain its green-candle trend in the lower period, indicating that it would be able to gradually reverse its losses and return to $0.2 after passing $0.182.
In most cases, the community plays an important role in assisting meme-coins in their recovery. The sentiment data from Santiment predicted an interesting pattern at the time of writing.
DOGE mentions on social media have been overwhelmingly favourable during the previous few hours. Indeed, the good feeling has succeeded in overshadowing the negative sentiment. If the trend continues in the same manner, community members may be able to help the coin recover despite its price chart’s sluggishness.
A similar pattern was seen with SHIB as well. This effectively suggests that, despite what has transpired in the last few hours, the community continues to support DOGE and SHIB.
Even while meme-coins normally follow in the footsteps of Bitcoin and other large-cap alts, they’ve managed to break the trend several times recently. So, regardless of the current status of the larger market, these two coins may end up shocking market players. At this point, the chances of them recovering appear to marginally outnumber the chances of their continuing down their respective downtrends.
