Dogecoin backs down under pressure, and Shiba Inu too

• Dogecoin’s price failed to hold above the 0.12800 support level yesterday.
• Last night, we saw the Shiba Inu price drop to 0.00001600.

Dogecoin chart analysis

Dogecoin’s price failed to hold above the 0.12800 support level yesterday. A bearish consolidation followed until the formation of the weekly low at the 0.12320 level. This morning’s movement showed that the price has strength, leading to a recovery above 0.12600. We need stronger momentum to continue on the bullish side. Potential higher targets are 0.12800 and 0.13000 levels.

We will have big resistance at the 0.13000 level, the EMA 200 moving average, and the weekly open price. For a bearish option, we need a negative consolidation and a return to last night’s support zone. With a new descent into that zone, I will once again exert pressure, which this time could push the price to a new weekly low. Potential lower targets are the 0.12200 and 0.12000 levels.

Shiba Inu chart analysis

Last night, we saw the Shiba Inu price drop to 0.00001600. On Monday, we attempted to hold above 0.00001700, but the price failed to withstand the pressure, which triggered a pullback. After forming the weekly low, the price stabilized and recovered to the 0.00001650 level this morning. For now, we do not manage to move above, but we can expect new pressure on the resistance zone.

Potential higher targets are 0.00001660 and 0.00001680 levels. Additional resistance is the EMA 50 moving average in the 0.00001660 zone. A bearish Shiba Inu option needs to pull back below the 0.00001620 level. With that step, we will find ourselves in the zone of yesterday’s low. Potential lower targets are 0.00001600 and 0.00001580 levels.

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