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Dogecoin 
$0.219581 (DOGE) and Shiba Inu (SHIB) are currently facing significant market dynamics. While DOGE is influenced by a notable technical formation, SHIB is under pressure due to macroeconomic factors and emerging competitor projects. Market participants are keen to understand the potential directions of these popular memecoins.
Dogecoin Price Analysis and Commentary
In the past month, Dogecoin has seen a nearly 30% decline, dropping to around $0.25. Technical analysis indicates the formation of a Double Top pattern on the price chart, which is generally interpreted as a bearish signal. Over the last 24 hours, DOGE has recorded a 4% decrease, with weekly losses exceeding 5.5%.
Technical indicators suggest DOGE is trading below its 100-hour simple moving average. Analyst MelikaTrader94 has identified critical support levels between $0.22 and $0.176 – $0.18. Despite briefly exceeding the 23.6% Fibonacci retracement level, the price has failed to break significant resistance points, with $0.2620 acting as a 50% Fibonacci resistance.
Shiba Inu Price Analysis and Commentary
Shiba Inu has exhibited highly volatile price movements in the past. Thanks to Bitcoin 
$107,644‘s rise in March 2024, SHIB reached $0.000045, but it has since fallen back. Although the price has generated several small green candles recently, it has not managed to breach key resistance levels.
In the short term, SHIB is expected to trade between $0.00003 and $0.00004. The long-term interest in the memecoin will be critical. Experts believe developments in the metaverse, decentralized exchanges, and Shiboshi NFT collections could shape the ecosystem’s future positively, potentially driving the price to $0.0004 by 2030 if collaborations like the one with the UAE continue.
