Dogecoin and Shiba Inu are on the brink of a reversal in price decline: What will happen next to the prices of $SHIB and $DOGE?

Although the crypto market is performing well in general, meme coins are struggling to attract enough buyers. For this reason, top meme coins are experiencing stronger selling pressure near important price levels. Interestingly, both Dogecoin and Shiba Inu have recently created several higher lows, indicating that there may be a short term fall. Memecoins Are Facing Difficulties Despite a Surge in OI Despite the strong increase in open interest, the prices of Dogecoin and Shiba Inu continue to struggle. The open interest for Dogecoin futures has risen by 78% over the past seven days. This increase occurred despite the significant fall in Bitcoin's price from its recent peak. As a result, the total value of open Dogecoin futures positions has increased from $1.7 billion to $3.03 billion. On the other hand, the open interest of Shiba Inu has increased by more than 61% in the past week, rising from $152 million to over $246 million. However, despite the strong increase in open interest of both SHIB and Dogecoin, this has not led to a strong price recovery on the chart. Dogecoin Price Analysis The price of Dogecoin is forming multiple higher peaks around the $0.25 level. However, sellers continue to dominate a price increase on the price chart, keeping the price around support channels. As of the time of writing, the price of DOGE is trading at $0.2336, falling more than 2.1% in the past 24 hours.

The current price increase is creating selling pressure around the $0.25 level, which may lead to a pullback to the $0.21 level. If the price strongly rebounds from the $0.21 level, it indicates that traders are now willing to buy when the price falls rather than sell when the price rises, increasing the likelihood of the price rising to $0.265. A successful price increase above that level could push the price up to $0.32. To prevent this upward trend, sellers will need to push the price below the current 20-day EMA, which is $0.231. If that happens, DOGE/USDT could head towards $0.20. Currently, the price has started to fall from $0.26, with the next support levels being $0.22 and $0.21. If the price finds support and bounces back from this area, it indicates that buyers are stepping in at lower levels. In that case, the bulls may attempt to push the price above $0.26 again. Shiba Inu Price Analysis The price of SHIB is facing a downward correction below the level of $0.000017. Buyers are keeping the price above the EMA20 trendline but may soon face selling pressure. Currently, the price of SHIB is trading at $0.0000158, down more than 2.2% in the past 24 hours.

This price increase has pushed the RSI to 51, meaning an equal dominance from both sides of the trade. If SHIB holds above the immediate support level of $0.00001475, we could see a retest of the $0.000017 level. A price increase above this level could take Shiba Inu to $0.000019. However, this bullish outlook could be dimmed if the price drops below $0.00001475. Falling below this level could consolidate SHIB's price around $0.00001225.