A widely followed crypto trader is warning about dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) as the markets continue to flash signs of weakness.
Pseudonymous analyst Altcoin Sherpa tells his 11,000 YouTube subscribers that Dogecoin could witness a severe corrective move if it loses its immediate support level.
“[DOGE] went to this last key level back at $0.057. This is an interesting area, but, again, I don’t really think this is necessarily a buy. You can just sit here and buy it, but expect this to just chop around…
If this [$0.057] level falls, then it’s going to go to this next level around the $0.045 area…
I don’t really see Dogecoin [as] an interesting buy as of right now personally, but we will just kind of wait and see.”
Dogecoin is trading for 0.0630 at time of writing, up 0.2% in the last 24 hours.
Next, the trader says the DOGE-rival SHIB remains in a bearish pattern as it sets macro lower highs and lower lows.
“[SHIB] did have a nice move up, but it got quickly retraced and 200-day EMA (exponential moving average) – similar to Dogecoin – kind of broke down and now looks like it’s approaching some of these lower levels again ($0.00000742)…
[SHIB’s] still a bearish market structure…
Shiba Inu is trading for $0.00000813 at time of writing, down 1.2% in the last 24 hours.
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