• 29 May, 2024

DOGE Breakout Falls Short, Pepe and SHIB Face Challenges in Crypto Landscape

In a testament to the prevailing bullish sentiment, global crypto markets are exhibiting a downtrend sentiment, with a 0.47% decline in the market cap over the last 24 hours, bringing it to an impressive $1.08 trillion. The fear and greed index has remained unchanged at 47, indicating a balanced market outlook. However, the latest update shows that trading volume has seen a 16.55% decrease, standing at $38 billion.

Source: CoinMarketCap

Dogecoin (DOGE) embarked on a notable breakout maneuver, striving to free itself from a year-long downtrend. Unfortunately, the attempt fell short of sustaining levels above the breached barrier, hinting at persistent overhead supply pressure and a prolonged correction. On October 16, DOGE faced its fifth rejection from an enduring resistance trendline, with the ensuing daily candle bearing witness to aggressive overhead supply.

Source: TradingView

Currently, DOGE is trading at $0.05816, and it has experienced a decline of 1.56% in the last 24 hours. On the daily chart, an ascending support trendline has proven to be a robust bulwark for Dogecoin enthusiasts during market downturns, emphasizing its pivotal role. However, a breach below this crucial level could spell a major correction.

Pepe Coin made a splash in the market upon its introduction, quickly gaining traction among investors. Moreover, it garnered substantial attention within the crypto community across various social platforms. Despite this, Pepe Coin has recently faced challenges sustaining a consistent upward trajectory. Specifically, the price of Pepe Coin recorded a 1.44% dip, trading at $0.0000006247 at the time of writing.

Source: TradingView

To tip the scales in favor of the bulls, accumulation at lower levels is imperative, coupled with a surge in price to breach the range and surpass the 50-day EMA. Persistent rejection from the EMA underscores its role as a dynamic resistance, necessitating a breakthrough to usher in a new trend.

Shiba Inu (SHIB) grapples with intensified bearish pressure, stalling a potential wedge breakout rally in its price chart. Lower high peaks and a 50-day EMA acting as a resistance ceiling have tempered bullish growth. Descending trendlines on the daily chart form a falling wedge pattern punctuated by multiple negative cycles. Nevertheless, buyers entering at lower levels are shoring up demand.

SHIB trades at $0.0000006713, with a sharp intraday reversal leading to a long tail formation. The daily RSI line points to a robust bullish divergence, signaling the potential for an upswing. The 50-day EMA’s declining trajectory poses a challenge. Still, if momentum is regained, a new bullish cycle within the falling wedge may be on the horizon. 

Source: TradingView

Anticipated resistance lies at $0.00000715, while a surge to $0.00000851 is conceivable if the positive trend holds sway. Conversely, breaching the support line could precipitate a significant descent, possibly down to $0.0000060.

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