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DOGE and SHIB Price Analysis for May 10

Tue, 05/10/2022 - 14:11
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Denys Serhiichuk
Has the market faced the local bottom before an upcoming rise?
DOGE and SHIB Price Analysis for May 10
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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Despite the market bouncing back, most of the coins remain in the red zone. Cardano (ADA) is the only exception to the rule, rising by 1.63%.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

DOGE/USD

DOGE has continued yesterday's drop, falling by 1.46%.

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

DOGE has made a false breakout of the vital mark at $0.10 on the daily chart. The rise has been supported by the increased buying trading volume, which means that the growth may continue. If the daily candle fixes near the blue resistance level at $0.1220, there is a chance of seeing a market reversal.

DOGE is trading at $0.1156 at press time.

SHIB/USD

Unlike DOGE, the rate of SHIB is going up, rising by 6.23% over the last 24 hours.

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

SHIB has come back above the level at $0.00001695 and is now on the way to the nearest resistance at $0.00001837. The growth is accompanied by high volumes, which confirms buyers' power. In this case, the further rise may lead to the test of the $0.000020 zone.

SHIB is trading at $0.00001765 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.