Will Dogecoin (DOGE) and Shiba Inu (SHIB) Prices Rise? Analysis and Expectations - COINTURK NEWS
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Will Dogecoin (DOGE) and Shiba Inu (SHIB) Prices Rise? Analysis and Expectations

10:34 pm (42 days ago)
August 21, 2023

Memecoins have also suffered their share from the general decline in the cryptocurrency market. DOGE is currently priced at $0.061. Shiba Coin, on the other hand, faces a greater selling risk amid Shibarium issues. So what are the expectations for DOGE and Shiba Inu (SHIB)? Will investors be able to see the prices in dollars in the coming days?

Will Dogecoin (DOGE) Rise?

At the time of writing, the price of DOGE is $1.699, according to 21milyon.com data. 21milyon.com compiles and presents all pairs of local exchanges and provides the instant price of DOGE and other cryptocurrencies in Turkish Lira for free to investors. In addition, you can also compare the volumes of altcoins on local exchanges here.

As for price predictions, the price of DOGE is currently $0.0618 on Binance. Elon Musk’s long neglect of the meme coin has pushed DOGE’s price down along with the general market. The critical support of $0.063 was lost. If the decline continues, we may see the selling pressure continue down to $0.056.

To see a rise in DOGE price again, it will need to surpass $0.067 and $0.071.

Shiba Coin (SHIB) Analysis

The highly anticipated launch of Shibarium L2 network on August 16th was filled with technical bridging issues. Lucie Shib, the manager of Shiba Inu, also warned against potential exploitation risks. As a result, SHIB investors reduced their trading activities throughout last week. As shown below, the SHIB transaction count surpassed 16,500 on August 12th, pushing the price up to $0.000011, the highest point in the last 4 months.

However, on August 21st, only 5,601 transactions were recorded, indicating a 66% decrease in network activity last week. Not surprisingly, the 66% decrease in SHIB transaction count also dragged down the price of the meme coin.

Shiba Inu will likely consolidate around $0.000008 before another breakout in SHIB price. If the issues remain unresolved and the negative sentiment in the overall market continues, further losses are possible. The next critical support level is at $0.000006.

If the bulls take action and successfully test the resistance at $0.000011, we may see the price rise again to $0.000014.

Disclaimer: The information in this article is not investment advice. Investors should be aware of the high volatility and therefore risk of cryptocurrencies and should conduct their own research.

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