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A correction might have arrived on the cryptocurrency market as the majority of the coins are in the red zone.
Top coins by CoinMarketCap
DOGE/USD
The rate of DOGE has fallen by 0.44% since yesterday. Over the last week, the price has risen by 8.69%.
Image by TradingView
On the daily chart, the price of DOGE has not declined after yesterday's bearish candle. However, bulls have run out of power and cannot maintain growth from the current levels. A further upward move is only possible if the bar closes above the $0.07 zone.
DOGE is trading at $0.06768 at press time.
SHIB/USD
SHIB has also joined the list of falling coins, going down by 0.80%.
Image by TradingView
From the technical point of view, SHIB is trading similarly to DOGE as the price is accumulating strength for a further move. The selling volume has slightly declined, which means that ongoing consolidation in the narrow range of $0.0000078-$0.00008 is the more likely scenario for the next few days.
SHIB is trading at $0.00000796 at press time.
Alex Dovbnya
Vladislav Sopov
Dan Burgin