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DOGE and SHIB Price Analysis for May 8

Price Analysis
Sun, 05/08/2022 - 17:30
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Denys Serhiichuk
How great is the chance of seeing the drop of SHIB and DOGE next week?
DOGE and SHIB Price Analysis for May 8
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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Bulls could not withstand bears' pressure this week as all of the top 10 coins keep trading in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

DOGE/USD

DOGE has followed the drop of Bitcoin (BTC), falling by 1.51% over the past 24 hours.

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

Analyzing the daily chart, DOGE is returning back to the blue level at $0.1220.

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BTC, ADA and BNB Price Analysis for May 6

If nothing changes and the selling volume goes up, traders can expect a breakout and further downward move to the $0.1150 mark soon.

DOGE is trading at $0.1255 at press time.

SHIB/USD

SHIB has lost more than DOGE, going down by 4.63% since yesterday, while the drop over the last seven days has reached almost 10%.

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

From the technical point of view, SHIB is also coming back to its support level at $0.00001695. Respectively, the upcoming week is also likely to be bearish for the meme coin. However, if buyers can return the rate above $0.000020, a correction may occur.

SHIB is trading at $0.00001883 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.