Still Tight With Dogecoin, Shiba Inu? A Look At The Cryptos As Popularity Wanes

Dogecoin DOGE/USD and Shiba Inu SHIB/USD were falling about 2% each during Tuesday’s 24-hour trading session, in tandem with Bitcoin BTC/USD and Ethereum ETH/USD, which were declining about 1.5% and 3.5%, respectively.

American billionaire entrepreneur and television personality Mark Cuban said recently that Dogecoin’s popularity has been waning, as evidenced by a decrease in Dogecoin transactions for Dallas Mavericks’ tickets and merchandise.

The popularity of Shiba Inu also appears to be heavily declining. For the month of July, data gathered by Finbold showed Google searches including the key term “Shiba Inu” had declined to their lowest level since May 1, 2021.

The cryptocurrency sector, as a whole, has declined heavily since November 2021, with many analysts now confirming a crypto winter is upon us. The bearish season won’t last forever, although for the time being Dogecoin and Shiba Inu look headed lower still.

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The Dogecoin Chart: Dogecoin confirmed a new downtrend during Monday’s 24-hour trading session, when the crypto printed a lower low under the July 23 low of $0.0659. The most recent lower high within the pattern was printed the following day at $0.0689.

During Monday’s session, Dogecoin printed a bearish Marubozu candlestick, which indicated lower prices were likely to come on Tuesday. Bullish traders will want to watch for Dogecoin to eventually print a bullish reversal candlestick, such as a doji or hammer candlestick, to indicate a bounce up to at least print another lower high is on the horizon.

Dogecoin has resistance above at $0.065 and $0.083 and support below at $0.057 and 5 cents.

The Shiba Inu Chart: Like Dogecoin, Shiba Inu is trading in a downtrend with the most recent confirmed lower low formed on July 23 at $0.00001130 and the most recent lower high created at $0.00001187 the following day.

Also, like Dogecoin, Shiba Inu printed a bearish Marubozu candlestick during Monday’s session, which received bearish follow-through on Tuesday. Shiba Inu’s daily trading volume has been declining, which indicates a reversal candlestick is likely to print over the coming days.

Shiba Inu has resistance above at $0.00001349 and $0.00001734 and support below at $0.00000975 and $0.00000856.

See Also: Shiba Inu (SHIB) Addresses Burn Portal Underperformance
Photo: Furkan Cubuk via Shutterstock