Cryptocurrency Analyst Cautions Traders on Dogecoin and Shiba Inu Amid Market Downturn

A crypto trader with a significant following is cautioning against the investments in dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) due to ongoing market vulnerabilities.

Pseudonymous analyst Altcoin Sherpa, who boasts an impressive following of 11,000 subscribers on YouTube, expresses the notion that Dogecoin may undergo a substantial decline in value should it fail to maintain its current level of support.

The value of DOGE reached its previous significant threshold at $0.057. While this level is noteworthy, I remain uncertain that purchasing at this juncture is a prudent decision. One may opt to observe the market movement without engaging in any immediate transactions, as it is plausible for the asset to fluctuate within its current range.

If the current level of $0.057 experiences a decrease, it is likely to descend towards the subsequent level located in the vicinity of $0.045.

Personally, I do not find Dogecoin to be a compelling purchase at present. However, we shall patiently observe its trajectory before making any assessments.

As of the current moment, Dogecoin is being exchanged at a rate of 0.0630, indicating an increase of 0.2 within the last 24 hours.

Following that, the trader asserts that SHIB, which competes with DOGE, continues to exhibit a bearish trend characterized by consistently decreasing highs and lows on a macro scale.

The SHIB cryptocurrency experienced a brief upward movement, which was swiftly reversed. Additionally, its 200-day exponential moving average, like that of Dogecoin, suffered a breakdown and appears to be approaching lower levels once more at approximately $0.00000742.

At the present moment, the Shiba Inu cryptocurrency is being traded at a price of $0.00000813, reflecting a decrease of 1.2% within the last 24-hour period.

Read Also: Cryptocurrency Adoption in Developing Countries: Unlocking Socio-Economic Potential

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.