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Dogecoin & Shiba Inu Face Harsh Sell-Off — Correction Deepens, Bulls Retreat
📉 Market Overview & Resistance Rejection
🟠 DOGE was rejected at the $0.21 daily resistance, triggering a fresh downward move.
🔴 SHIB slipped below $0.0000119, signaling waning momentum.
🔁 Both tokens are now correcting lower, with technical breakdowns strengthening the bearish narrative.
📊 Derivatives Say It All: Traders Are Bearish
📉 CoinGlass Long/Short Ratios (Wednesday):
DOGE: 0.86
SHIB: 0.82
📌 These are the lowest levels in the past month.
💸 Funding Rates (Wednesday):
DOGE: 0.0005%
SHIB: 0.0001%
⛔ Both are nearing negative territory, suggesting traders are paying to stay short.
📈 DOGE Price Forecast: Trendline Rejection
❌ Closed below the 50-day EMA at $0.20.
🔻 Broke a key ascending trendline from June 22.
🔄 Failed to reclaim the trendline early this week — resumed its drop.
Potential Targets:
🧱 Support 1: $0.18
🧱 Support 2: $0.15 (July 1 low)
📈 Bullish Scenario: Bounce back to $0.24 on strong reversal.
🐕 SHIB Price Forecast: Bears in Full Control
💥 Dropped 10% in four days post break below the 50-day EMA.
📉 Continues to print lower highs and lower lows.
Potential Targets:
🧱 Support 1: $0.0000111
🧱 Support 2: $0.0000100 (June 22 low)
📈 Bullish Reversal Level: $0.0000136
🔍 Conclusion: Bearish Momentum Strengthens
🐾 Memecoins are seeing rising short interest and fading bullish strength.
📉 Trendline breaks and EMA rejections show that the correction is not over yet.
🔄 Reclaiming key resistance levels is the only way bulls regain control.
#Dogecoin # SHIB $DOGE $SHIB