Dogecoin, Shiba Inu in danger of a steep correction

The central theses

• The measured values ​​for the social commitment of Dogecoin and Shiba Inu have been collapsed since May.
• Doge is now on a weak support and is ready to test $ 0.17 again.
• also Shib is prepared for a downturn to 0.00000582 USD.

Data Preserver-Spaces = "True"> Dogecoin and Shiba Inu have lost the support of the audience, which enabled them to reach new all-time highs. Until the retail interest rates are back, both assets could suffer further losses.

Dog brands see ready for diving from

Dog brands lose steam.

and at the same time rose at the beginning of this year and posted extraordinary returns in front of a market-wide crash in May. Together with many other digital assets, both reached an all -time high when the interest of retail in the area reached a climax.

Data by Lunarcrush shows that the measurements for the social engagement of Dogecoin and Shiba Inu in the middle of the market rush have been raised. Lunarcrush measures social media engagements such as favorites, likes, comments, answers, retweets and shares. Doge recorded more than 1.76 billion on May 9, while Shib reached 122 million.

However, social activity has collapsed in both assets since May. Dogecoin's social activities are currently around 150 million engagements per day, while those of Shiba Inu are closer to 10 million.

Since the interest in Doge and Shib subsides, their prices could be strong.

Dogecoin looks stagnating

The course movement of Dogecoin has stagnated in the past five months. The tenth largest cryptocurrency after market capitalization recorded a number of lower highs, while the level of support of $ 0.17 absorbs every downturn.

From a technical point of view, the price behavior seems to have led to the formation of a descending triangle on the daily chart. Since Doge approaches the climax of the consolidation pattern, a significant price movement could be imminent.

A decisive day of day over the hypotenuse of the triangle at $ 0.26 could lead to an explosive outbreak towards $ 0.41. Nevertheless, investors have to pay attention to the x-axis of the triangle at $ 0.17, since a loss of this level could cause DOGE to crash to $ 0.04.

While this indicates further stagnation until either support or resistance is broken, the near future looks bear.

Dogecoin is currently kept by the setup trend line by Tom Demark (TD) sequential at $ 0.198. This level of support becomes weaker over time, which indicates that a violation is close. A breakthrough of this level will probably take place soon, which Dow would probably push to $ 0.17 towards the X axis of the triangle.

Shiba Inu for re-testing the support

How Dogecoin went through Shiba Inu a longer stagnation phase. His price seems to be included on the daily chart in a parallel channel.

Every time Shib has increased to the upper or medium border of the channel since June 5, there was a rejection of what the prices pressed onto the lower edge. From this point it tends to bounce back, which matches the characteristics of a channel.

Shib was recently rejected by the upper border of the canal and is currently acting below the middle trend line. These conditions indicate that Shiba Inu will dive into the lower edge of the channel at 0.00000582 USD when the price movements observed last month.

It is worth noting that in the event of a declining impulse, Shib must remain $ 0.00000582, since closing under this critical demand for demand could lead to a correction of 36 %.