- The price of Dogecoin has risen by approximately 40% in the last week.
- Investors should be wary of an approaching correction.
Funding from Shiba Inu is needed to feed Dogecoin, says billionaire Glauber Contessoto. The Dogecoin-Ethereum Bridge is in the works, according to co-founder Billy Markus. Shiba Inu’s advancements in the ecosystem increase its rivalry with Dogecoin.
Dogecoin’s price remains stagnant despite Shiba Inu’s 200 percent gain in a week. Moreover, the market’s general negative structure suggests DOGE may be ready for a drop.
The price of Dogecoin has risen by approximately 40% in the last week. This price increase was met with strong resistance at the 50% Fibonacci retracement level at $0.272. Due to poor buying pressure, DOGE has retraced approximately 9%, but it seems to be headed lower.
The Bullish Thesis, Invalidated
However, the support region between $0.213 and $0.23 will determine the meme coin’s short-term trajectory. A breach of the $0.213 demand level would signal an increase in selling pressure and a 20% decline to $0.193.
The poor structure of the major crypto and the rising popularity of DOGE rival Shiba Inu, which has risen approximately 200 percent in the last week, contribute to this gloomy view. This rapid rise in SHIB may have prompted consumers to switch to DOGE-killer. Investors should be wary of an approaching correction.
If the Dogecoin price fails to breach the $0.213-$0.23 support region, it indicates a buyer’s strength. The bullish thesis, invalidated by a decisive closing above $0.272 (50 percent Fibonacci retracement line).
In this case, DOGE is likely to revisit the 70.5 percent Fibonacci retracement level around $0.305. According to CoinMarketCap, Dogecoin price today is $0.257067 USD with a 24-hour trading volume of $6,006,110,421 USD.