Dogecoin, Shiba Inu Still Range-bound

    • Shiba Inu’s price was stuck in a tight range during this consolidation phase.
    • Move to $0.1 and $0.12 cannot be ruled out for Dogecoin’s price, especially if the 50 SMA is reclaimed as support.

    The hunt for a breakout has just become apparent for the two leading meme tokens; Dogecoin and Shiba Inu. Following the breakout, DOGE traded lows of $0.0645 while SHIB revisited $0.0000088.

    Recoveries occurred for the two tokens as reflected across the cryptocurrency market but their uptrends paused giving way to the ongoing consolidation. Like many altcoins, the need for an ultimate escape from the bearish shackles has for a long time never been so strong.

    Shiba Inu Price Stuck Between A Rock And A Hard Place

    The uptick above $0.00001 nearly touched $0.000014 before buyers were overwhelmed by short-sellers. On the downside, short-term support established at $0.0000115 prevented losses from gaining traction. With the bulls’ options limited, Shiba Inu’s price has been range-bound between the immediate barrier at $0.000013, as highlighted by the 50 Simple Moving Average (SMA), and the immediate support.

    As per the Moving Average Convergence Divergence (MACD), the odds still favor the bulls but little progress was expected unless the cryptocurrency market generally moved upward or a catalyst triggered Shiba Inu’s price recovery.

    SHIB/USD Daily Chart

    Dogecoin, Shiba Inu Still Range-bound As Top Altcoins Search For An Escape
    Tradingview chart: SHIB/USD

    The IOMAP model by IntoTheBlock, which tracks and groups past purchases of SHIB tokens reinforces the same barriers mentioned above. The region between $0.000013 and $0.000014 comprises 1,090 addresses that previously bought 4.59 trillion SHIB tokens. As buyers try to push for gains, sellers within this zone offload their wallets, thus dampening the uptrend.

    On the downside, solid support has been singled out at around $0.000012. Here, around 2,950 addresses previously scooped up 6.47 trillion SHIB tokens. This means that losses beyond this zone are unlikely in the near term.

    Shiba Inu IOMAP Model

    Dogecoin, Shiba Inu Still Range-bound As Top Altcoins Search For An Escape
    IntoTheBlock chart

    Dogecoin On The Cusp Of A breakout

    Bollinger Bands on the four-hour chart shined a light on a constriction that might culminate in a massive breakout. A bullish escape would be the most probable outcome as long as the MACD’s buy signal remains intact. Moreover, the momentum indicator may play a big role in DOGE’s price upswing if it crossed into the positive region.

    DOGE/USD Four-Hour Chart

    Dogecoin, Shiba Inu Still Range-bound As Top Altcoins Search For An Escape
    Tradingview chart: DOGE/USD

    On the downside, Dogecoin’s price may be in for a rude shock amid extended declines if the 50 SMA continued to hold as an immediate barrier together with the Bollinger band’s middle boundary. Support at $0.085 should not waver, otherwise, DOGE could revisit downhill levels at $0.077 and $0.0645.

    A bullish breakout was not farfetched for Dogecoin’s price either. The only big task is to reclaim the 50 SMA as support and push above $0.1 for additional run up to $0.12.

    John Isige
    John is a cryptocurrency technical analyst, who looks at micro, macro and fundamental factors affecting market trends.

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