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DOGE and SHIB Price Analysis for April 23

Price Analysis
Sat, 04/23/2022 - 18:00
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Denys Serhiichuk
Can bulls seize the initiative and return the rates of SHIB and DOGE to previous levels?
DOGE and SHIB Price Analysis for April 23
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The weekends have started with the continued fall of the market. Avalanche (AVAX) is the biggest loser among the top 10 coins, going down by 3.56%.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

DOGE/USD

DOGE has followed most of other coins, declining by 2% over the past 24 hours.

DOGE/USD chart by Trading View
DOGE/USD chart by Trading View

On the daily chart, DOGE is coming back to the area around $0.13 which means that the bears' pressure continues even though the volume is going down. In this case, if the breakout of $0.13 occurs, one can expect the retest of the support at $0.1251 soon.

DOGE/USD chart by Trading View
DOGE/USD chart by Trading View

On the weekly time frame, the price is in the middle of the wide channel with neither bullish or bearish signals.

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In addition, the trading volume is at its lowest levels. But if the candle fixes below $0.1320, there is a high possibility to see the further drop next week.

DOGE is trading at $0.1352 at press time.

SHIB/USD

SHIB is less loser than DOGE as the decline has accounted for 1.19%.

SHIB/USD chart by TradingView
SHIB/USD chart by TradingView

The price is located close to the local support which means that sellers are more powerful than buyers at the moment. If the rates approaches the $0.00002191 mark, there is a possbility to see the sharp drop shortly.

SHIB/USD chart by TradingView
SHIB/USD chart by TradingView

On the weekly chart, the sideways trading remains the more likely scenario as none of the sides have accumulated enough power for the further move. In this regard, SHIB is about to keep trading between $0.000020 and $0.000030 untli the end of the upcoming month.

SHIB is trading at $0.00002427 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.