Dogecoin (DOGE) and Shiba Inu (SHIB) have both experienced a roughly 1% drop as of Tuesday, following nearly a week of consolidation. However, Shiba Inu shows signs of recovery in both derivatives markets and technical charts, while Dogecoin encounters resistance and bearish signals.
Shiba Inu Poised for Reversal; Dogecoin Confronts Bearish Pressure
Dogecoin is trading at $0.2243, maintaining support above $0.20 with four consecutive Doji candles. The 200-day Exponential Moving Average (EMA) at $0.2178 acts as a dynamic support level. Despite this, DOGE has formed a double top pattern near the $0.25 supply zone and a long-term resistance trendline dating back to December. The neckline of this pattern sits at $0.2145, and a close below it could deepen the correction.
Technical indicators reinforce bearish sentiment for Dogecoin. The MACD has crossed below its signal line, triggering a sell signal, while the Relative Strength Index (RSI) has declined to 55 from overbought levels, indicating weakening bullish momentum. If DOGE closes below $0.2145, it may test the May low of $0.1667. Conversely, breaking above the trendline could target $0.30, a key resistance turned support level.
Shiba Inu trades at $0.00001439, consolidating above its 50-day EMA ($0.00001412) and the $0.000014 support zone. Unlike DOGE, SHIB lacks a bearish trendline, easing its headwinds. Although SHIB failed to break above $0.000017 after a breakout at $0.000014, it holds above this key zone, suggesting a chance for a bullish reversal.
Fibonacci retracement levels from $0.00003285 to $0.00001066 highlight immediate resistance at $0.00001590, near the 23.6% Fibonacci level and the 200-day EMA. Further targets include $0.00001914 (38.2% level) and $0.00002175 (50% level).
Derivatives Market Reflects Bullish SHIB Sentiment, Bearish DOGE Outlook
Supporting the technical outlook, Shiba Inu’s derivatives market shows increased bullish activity. SHIB’s open interest rose by 1.22% to $208 million, with the open interest-weighted funding rate climbing to 0.0090%. In contrast, Dogecoin’s open interest slightly decreased by 0.14% to $2.64 billion, and its funding rate remained stable at 0.0095%.
Liquidation data over the past 24 hours reveals more significant long position liquidations in Dogecoin ($3.36 million) compared to Shiba Inu ($190,000). Short liquidations were $1.39 million for DOGE and $133,000 for SHIB.
The long-to-short ratio for SHIB has increased over three days, reaching nearly balanced levels at 0.9928, with long positions making up 49.82%. Dogecoin’s ratio dropped to 0.885 as short positions rose to 53.05%, underscoring a bearish bias in DOGE derivatives.
These trends suggest Shiba Inu may outperform Dogecoin in the near term as it gains bullish momentum while Dogecoin struggles with resistance and bearish pressure.
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