DOGE and SHIB Prices Drop Amid Bearish Market Sentiment
Dogecoin (DOGE) and Shiba Inu (SHIB) prices fell below $0.195 and $0.00000099 on Tuesday. The market showed stronger bearish sentiment. Both meme coins saw lower open interest and more short positions. This suggests traders expect prices to fall further.
DOGE and SHIB Derivatives Data Show Bearish Signals
Derivatives data for Dogecoin and Shiba Inu indicate a bearish outlook. On Saturday, Coinglass reported futures open interest (OI) at $341.50 million for DOGE and $173,460 for SHIB. These are the lowest levels since early April for DOGE and early March for SHIB. Lower OI points to less investor activity and weaker market confidence.
The long-to-short ratio also supports the bearish view. On Wednesday, DOGE’s ratio was 0.85, and SHIB’s was 0.87. Ratios below 1 show more traders are betting on price drops.
Price Forecasts for Dogecoin and Shiba Inu
- Dogecoin: DOGE found support near $0.181 last Friday and rose about 9% over three days. On Tuesday, it traded around $0.194. If the price falls again, it may test the $0.181 support. The daily Relative Strength Index (RSI) is 40, below the neutral 50, showing bearish momentum. The Moving Average Convergence Divergence (MACD) also signals a bearish trend. If DOGE recovers, it could rise toward the 200-day EMA at $0.220.
- Shiba Inu: SHIB slightly recovered over the weekend after a big drop on Friday. On Tuesday, it traded below $0.00000099. If the price continues to fall, it may reach the Friday low near $0.00000092. SHIB’s RSI and MACD also indicate bearish momentum. If SHIB bounces back, it could move up to daily resistance at $0.0000010.
