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Memecoins Drop Heavily, Will DOGE & SHIB Price Revive Another Spike in August?

The crypto markets after an interim jump have again fallen in to the same bearish well, nullifying all of the gains, gained through the recent jump. Right before a few days, the Bitcoin price was nearer to cutting through the bearish trend and setting up an obvious path toward $30,000. However, the recent price action suggests, that the BTC price may now form lower levels, below the yearly highs.

When this happens, Ethereum accompanied by the favorite altcoins can be likely to drop heavily. This is a known proven fact that the DeFi & NFT space will undoubtedly be heavily influenced by the ETH price plunge and could drop 10 times a lot more than the very best 2 crypto assets.

Therefore, a leg pulled lower may drag the Dogecoin & Shiba INU price lower by another 20% to 25% lower prior to the end of August.

Dogecoin (DOGE)

  • The DOGE price following the recent rejection so that they can surpass top of the resistance could probably hit the low support
  • A bounce could be expected from the low support nonetheless it might not have a more substantial impact because the volume has slashed heavily
  • Therefore, a consolidation could be imminent before asset preaches the apex, further to that your asset could flow across the path of the induced volume.

Shiba (INU)

  • The Shiba INU price was swinging inside a parallel rising channel, that was broken amid the recent upswing. However, the purchase price dropped back within exactly the same channel but displaying likelihood of an uptrend
  • The quantity has dropped notably which might have impacted the rally negatively that is currently consolidating across the middle bands of the channel
  • If the SHIB price raises beyond the center bands, then your chance for retesting top of the resistance is apparently high

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