Dogecoin and Shiba Inu slipped during U.S. trading hours as increased sales volume pushed both tokens below key technical levels, extending weakness across the entire coin segment while ether underperformed other majors.
News context
- The movement unfolded alongside a continued gentleness in the ether which traders often view as an indicator of the risk appetite of altcoins. While ETH lagged the broader market, higher beta assets such as meme coins absorbed outsized selling pressure.
- Broader crypto benchmarks remained relatively stable, highlighting that the weakness was concentrated in speculative segments rather than a market-wide capitulation.
- This divergence suggests capital rotation and risk reduction rather than panic selling.
Technical analysis
- Dogecoin fell below the psychological $0.13 level after a rejection at $0.1331, confirming a streak of lower highs and locking the price in a descending channel.
- Former support near $0.1296 turned into resistance, strengthening the bearish structure.
- Trading volume jumped 53% to 479.7 million tokens, consistent with active distribution rather than low liquidity drift.
- Failed attempts to recapture exceeded levels increase the likelihood of continuation to areas of lower demand, unless buyers intervene decisively.
- Shiba Inu mirrored DOGE’s structure, breaking below near-term support and failing to recoup overhead.
- The lack of relative strength against DOGE suggests sector-wide pressure rather than isolated token weakness.
Price Action Summary
- DOGE rose from $0.1314 to $0.1312 over the past 24 hours, briefly dipping to $0.1298 before rebounding towards $0.1311 on short-lived volume spikes near 27 million tokens.
- The rebound failed to follow through, leaving the price capped below resistance.
- SHIB followed DOGE lower throughout the session, stabilizing but failing to reclaim prior support.
- The synchronized move reinforced the idea that meme coins trade as a single risk category rather than on token-specific factors.
What Traders Need to Know
- Support for DOGE lies between $0.1290 and $0.1280, with a downside risk towards $0.1250 if selling resumes.
- Recovering and sustaining above $0.1325 would be necessary to neutralize the current bearish setup.
- SHIB’s near-term direction likely depends on DOGE stabilizing and Ether’s relative strength recovering.
- As long as ETH remains under pressure, meme coins will likely lag broader crypto performance and remain vulnerable to further declines.
