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SHIB and DOGE Price Analysis for April 7

Price Analysis
Thu, 04/07/2022 - 16:30
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Denys Serhiichuk
Which meme cryptocurrency can go up against the market's fall?
SHIB and DOGE Price Analysis for April 7
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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Most of the coins keep going down, except for Binance Coin (BNB), whose rate has increased by 0.95%.

Top 10 coins by CoinMarketCap
Top coins by CoinMarketCap

DOGE/USD

DOGE has faced a big price drop since yesterday as its rate has declined by 4%.

DOGE/USD chart byTradingView
DOGE/USD chart by TradingView

DOGE has come back below the $0.1537 mark, which means that bulls have lost their initiative. The fall has been accompanied by increased trading volume. In this regard, if the daily candle fixes below $0.15, there is a high possibility to see a further decrease to the middle of the channel around $0.1251. Such a scenario is relevant for the next few weeks.

DOGE is trading at $0.1422 at press time.

SHIB/USD

SHIB has faced much less decline with a drop of 1.77% over the last 24 hours.

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

From the technical point of view, SHIB is trading in the middle of the wide channel between the support at $0.00001695 and the resistance at $0.00003523. At the moment, neither bulls nor bears are dominating, which means that continued sideways trading is the more likely scenario for the upcoming days.

SHIB is trading at $0.00002454 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.