The post Why are memecoins down today? Dogecoin, Shiba Inu in focus appeared on BitcoinEthereumNews.com.

DOGE, SHIB and PEPE witnessed significant corrections in terms of price. Overall social volume and weighted sentiment around both the tokens fell significantly. The memecoin sector has been one of the most profitable space in the crypto market. The whole sector witnessed significant growth since the beginning of the year. Memecoin sector bleeds However, in the last 24 hours, the price of  Dogecoin [DOGE],  Shiba Inu [SHIB] and Pepe [PEPE] witnessed a two-digit decline. Source: CoinMarketCap At press time, DOGE was trading at $0.1092. Its price had been hovering around the $0.10971 level over the last few days, if the price manages to break past this level, it could make its way up to the $0.13061 level soon. The price of DOGE has been falling since the 26th of May. During this period, DOGE exhibited multiple lower lows and lower highs, indicative of a bearish trend. It remains to be seen whether DOGE can reverse this trend anytime soon. The RSI (Relative Strength Index) for DOGE rose over the last few days, implying that the bullish momentum around DOGE was growing. The CMF (Chaikin Money Flow) for the DOGE token also surged during this period, indicating that the money flowing into DOGE significantly increased. Source: Trading View SHIB showcased a similar pattern in terms of price. After the 30th of May, the price of SHIB showcased a similar bearish trend. However, the potential for a reversal for SHIB was much higher. The RSI for SHIB climbed up to 58 which meant that bullish momentum has not waned. Coupled with that, CMF was also surging which suggested that similar to DOGE, money flowing into SHIB had also grown. For SHIB to reverse its current trend, it would have to re-test the $0.0000167 levels multiple times before it can rally further. Source:…

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Filed under: News - @ July 9, 2024 3:26 am