Dogecoin, Shiba Inu slide as meme coins break key support
Dogecoin fell 4% and Shiba Inu dropped 2% on Tuesday, with both meme coins accelerating lower after breaking key support levels.
Summary
- Dogecoin broke below the $0.10 level, confirming bearish momentum with resistance at $0.105–$0.12.
- Support sits at $0.08, potentially falling to $0.07 if downward pressure continues.
- Shiba Inu trades near $0.00000552 with extreme selling pressure, a bearish Supertrend at $0.00000753, and broken support zones; token burns offer partial support, but recovery requires reclaiming $0.00000700.
DOGE broke below the $0.10 psychological level, signaling a significant technical failure. The Supertrend at $0.11958 confirms bearish momentum, while the Parabolic SAR at $0.10544 acts as resistance.
Selling pressure intensified as DOGE moved toward the lower boundary of its channel. Horizontal support sits around $0.08, but the steep decline suggests strong downward momentum.
Open interest decreased 1.02% to $962.62 million, and options volume plunged 48.58%, reflecting reduced trading activity.
The Binance long/short ratio of 2.1756 indicates many traders positioned for a bounce are now underwater. Recovery requires DOGE to reclaim $0.10 and break above the Supertrend at $0.12; otherwise, support at $0.08 and potentially $0.07 remains key.
SHIB trades near the lower Bollinger Band at $0.00000552, showing extreme selling pressure. The Supertrend at $0.00000753 is bearish, and the upper Bollinger Band at $0.00000837 marks how far SHIB has fallen.
A descending trendline limits rallies, while previous support zones have been broken. Token burns rose 65.52% in 24 hours with 2.5 million SHIB removed, but 585.45 trillion remain in circulation, offering only partial long-term support.
Immediate support is $0.00000550-$0.00000600, with a potential drop to $0.00000500 if broken. Recovery needs SHIB to reclaim $0.00000700 and surpass the Supertrend.
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