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Bitcoin price continues to hover near the critical level of $28,000, although it has not been able to close above this level. The improvement in overall market sentiment can be triggered by closing above $28,143. However, for now, investors prefer to act cautiously when it comes to taking risks. We can also see this from the declining daily volumes.
Shiba Coin Analysis
The number of new users in Shibarium continues to remain low. However, the number of active users on the network reached 579 yesterday, after dropping below 500 four days ago. Nevertheless, this figure is well below the peak of 2,063 on September 7th. Since the peak of 7,729 on August 26th, the number of active users on the network has continuously declined, except for occasional fluctuations.
On-chain charts suggest that the excitement around Shibarium has quickly died down. So, what is the current situation from a technical standpoint? At the time of writing this article, the price stands at $0.00000724.
The downtrend, which started in April, attempted to reverse on August 12th, but Shiba Coin failed to surpass the $0.0000114 threshold. Currently, it is trying to hold the $0.000007 support.
As long as the price remains below $0.0000078, concerns for deeper lows may persist. In a possible downside scenario, the first target would be $0.0000065.
Dogecoin (DOGE) Analysis
As the largest meme coin by market value, DOGE has fallen victim to ongoing miner sell-offs for weeks. Elon Musk’s indifference towards DOGE for some time now has also hindered surprise rallies. Currently, the price is attempting to hold a significant support level of $0.06, similar to Shiba Coin.
If we see closures below the $0.0598 level, selling pressure could accelerate towards $0.055 and $0.05. If BTC targets new annual lows, there is a potential drop to $0.03. Although demand on the futures side currently supports the maintenance of the support, the continuation of miner sell-offs, which we mentioned yesterday, poses a significant risk.
Similar to other altcoins, the DOGE price is also trading within a parallel channel, close to the bottom. If we witness a rally supported by BTC’s increase, the upper trendline of this channel could be tested at $0.0669. If it is surpassed, the targets would be $0.074 and $0.08.
