In this post, our price analysis will focus on Dogecoin (DOGE) and Shiba Inu (SHIB). How much price surge can we expect this week?
Dogecoin and Shiba Inu are undoubtedly the most popular memecoins in the market at the moment. Even though a majority of the global crypto market is experiencing a rally, DOGE and SHIB have started the week with significant price drops.
However, could this price correction be short-term, or are we in for a longer downward price trend? Let us find out with our crypto price analysis for November 13.
Dogecoin (DOGE) price analysis
On November 11, the price of Dogecoin (DOGE) spiked above $0.08, however, the bulls (buyers) failed to maintain this level.
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According to live data from Coinstats, the price of DOGE significantly dropped by 5.27% over the last 24 hours. However, looking at the price trend for the last week, Dogecoin has shed 0.59% of its value.
Meanwhile, it is important to note that the day’s price fall has not entirely affected the technical picture of the token’s daily price chart. A closer look at the chart shows that we are to expect upward trading in the zone of $0.075-$0.08 this week.
Furthermore, the 24-hour trading volume of DOGE has declined which signifies that it needs more time to gather momentum for a further sharp move.
Source: TradingView
At the time of writing, Dogecoin (DOGE) is changing hands at $0.074 with a 24-hour trading volume of $622,720,508 ($622.7 million).
Shiba Inu (SHIB) price analysis
Meanwhile, Shiba Inu, the second-largest memecoin by trade volume has begun the week with a similar downward price trend. Live data shows that the price of the altcoin has dropped by 5.07% in the last 24 hours.
Compared to Dogecoin, the price chart of Shiba Inu is currently looking more bearish than bullish overall. The price is positioned closer to the support than resistance at press time.
If the price continues to decline, then we can expect a breakout and consequently a price drop to the $0.0000080 level soon.
Source: TradingView
Ultimately, Shiba Inu (SHIB) is currently trading at $0.0000085 with a 24-hour trading volume of $234,660,898 ($234.6 million).
Read more:
- Crypto Price Analysis 11/13: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP)
- Why is Bitcoin and the Crypto Market Up Today?
- Shiba Inu Might Experience a Bullish Rally Soon, See Why
- Japanese Exchange BitTrade Adds Dogecoin and Shiba Inu to List of Offerings
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.