A widely followed crypto trader is warning about dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) as the markets continue to flash signs of weakness.
Pseudonymous analyst Altcoin Sherpa tells his 11,000 YouTube subscribers that Dogecoin could witness a severe corrective move if it loses its immediate support level.
“[DOGE] went to this last key level back at $0.057. This is an interesting area, but, again, I don’t really think this is necessarily a buy. You can just sit here and buy it, but expect this to just chop around…
If this [$0.057] level falls, then it’s going to go to this next level around the $0.045 area…
I don’t really see Dogecoin [as] an interesting buy as of right now personally, but we will just kind of wait and see.”
Dogecoin is trading for 0.0630 at time of writing, up 0.2% in the last 24 hours.
Next, the trader says the DOGE-rival SHIB remains in a bearish pattern as it sets macro lower highs and lower lows.
“[SHIB] did have a nice move up, but it got quickly retraced and 200-day EMA (exponential moving average) – similar to Dogecoin – kind of broke down and now looks like it’s approaching some of these lower levels again ($0.00000742)…
[SHIB’s] still a bearish market structure…
Shiba Inu is trading for $0.00000813 at time of writing, down 1.2% in the last 24 hours.
I
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
