Dogecoin and Shiba Inu: Dogecoin is in a mild bearish trend
- On Wednesday, October 24, the price of Dogecoin retreated to a new weekly low at the 0.13112 level
- The Shiba Inu price returned to a new weekly low of 0.00001704 on Wednesday, October 24
Dogecoin chart analysis
On Wednesday, October 24, the price of Dogecoin retreated to a new weekly low at the 0.13112 level. In that zone, the price encounters the EMA 200 moving average, which stops further retreat. Very quickly, a bullish consolidation to the 0.14300 level was initiated from there. Dogecoin met new resistance here this morning, forming a new daily high. We lose bullish momentum again and turn to the bearish side.
The price is now at 0.13860 and on the way to the previous low. Potential lower targets are 0.13600 and 0.13400 levels. We expect Dogecoin to try to test the 200 EMA in the 0.13600 zone. For a bullish option, we need a price return above the 0.140000 level. With that, we move above the daily open level to the positive side. The price would have the initial momentum to initiate a bullish consolidation. Potential higher targets are 0.14200 and 0.14400 levels.
Shiba Inu chart analysis
The Shiba Inu price returned to a new weekly low of 0.00001704 on Wednesday, October 24. After a short stay at that level, the price started a recovery this morning to the 0.00001795 level. There, we met the EMA 50 moving average, which did not allow us to continue on the bullish side. Shiba Inu is now forced to retreat to the daily open level of 0.00001760.
If the current price pressure continues, we will see a break below and the formation of a new daily low. This confirms that the Shiba Inu is weak and that we will see it at a new low. Potential lower targets are the 0.00001740 and 0.00001720 levels. For the bullish option, we hope that the daily open level will hold and the price will remain above. After that, we need an impulse to reach the 0.00001800 level. With that step, we move above the EMA 50 and get its support to continue the bullish scenario. Potential higher targets are the 0.00001820 and 0.00001840 levels.
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