Shiba Inu & Dogecoin, Along With the Meme Coin Market, Declined by 3%

Key Insights:

• Shiba Inu noted a 3.47% drop in the last 24 hours.
• Dogecoin could be seen trading at $0.065, down by 2% in the same duration.
• Bitcoin and Ethereum noted a fall in price as well, trading at $23k and $1.6k.

With the second month of the third quarter underway, the crypto market was expected to continue the rise it noted in July.

But that did not happen, despite the consumer price index (inflation) falling by 0.4% from June’s 40-year high of 9.1% to July’s 8.7%. However, the crypto market remains downtrend bound, with even Bitcoin and Ethereum slipping to $23,067 and $1,686, respectively.

Shiba Inu Bows a Little Too Much

The meme coin, which noted an almost 60% drop during the crash from April to May, could be seen down by another 3.47% today as the price dipped to $0.00001195.

Such movements are uneventful for such a coin, but it does affect the investors who have been betting on a rally for a long time now.

The chances of the same are not clear since the price indicators are sending out mixed signals.

The Relative Strength Index (RSI) is right at the edge of the neutral line and could end up falling below the same. This would be the first bearish signal for SHIB in more than a month.

Although the Parabolic SAR indicates the beginning of an uptrend as the presence of the white dots are below the candlesticks.

Now in the past, such uptrends have been observed to be non-reactive on the coin, but this time around, it could counter some of the bearishness in the market and keep SHIB from falling too far down.

Dogecoin Is Heading Straight…

…ahead. Neither up nor down but just straight ahead since the meme coin has been stuck in a sideways momentum for more than a month now.

Post the June crash of 38.37%, DOGE has not been able to chart a rally but instead has been rangebound under $0.07.

Volatility has been thought of in the past for the altcoin since, even at the time of writing, the Bollinger Bands remained converged the same way they have been since July 10.

Usually, volatility isn’t the best for a cryptocurrency, but right now, DOGE needs it in order to mark a rally.

The MACD, on the other hand, is not indicating any clear direction for the meme coin as the signal line (red) and the indicator line (white) have been moving closer for about two weeks now.

Thus unless some clear momentum is observed on the price indicators, investors should not expect any radical rallies.