The price of Dogecoin (DOGE) and Shiba Inu (SHIB) are settling in the cloud. Although prior to buying, buyers must retest critical resistance zones. To start afresh bull run, Dogecoin must close at or above $0.27 USD.
The price of Dogecoin continues to lag behind its rivals, particularly Dogecoin-killer Shiba Inu. Bulls were given false hope on Saturday that Dogecoin would rally like a Shiba Inu, but sellers strongly rejected that notion. Dogecoin has been consolidating since Saturday.
Dogecoin Price Under Pressure, Although Not As Much As Shiba Inu Price
The price of Dogecoin may be threatened by a break below the Cloud. It’s likely that the $0.26 value area will be tested as support. The 38.2 percent Fibonacci retracement and the Kijun-Sen are both found at $0.24. A void of support exists between those two levels and the 61.8 percent Fibonacci expansion at $0.19.
Shiba Inu (SHIB) has unquestionably outperformed Dogecoin in terms of price appreciation. Due to a large number of market participants in both meme coins, any significant weakness in one will almost certainly result in speculative capital inflows into the other. In the case of Dogecoin, if Shiba Inu traders depart in droves, a significant portion of that capital will likely flow to Dogecoin if there is any indication of a breakout moves upward.
Dogecoin Price Chart – Source: Tradingview
Above the Cloud, near the $0.27 value range, Dogecoin must close at a critical level. From there, the breakthrough is expected to continue in the direction of the $0.35 to $0.37 price zone.
Bulls should be aware of the large volume trough between $0.18 and $0.09 in the 2021 Volume Profile. A decisive daily close below $0.18 could set off a flash crash, with Dogecoin’s price plummeting to single-cent levels.