The cryptocurrency market is trading sideways after a few days of decline, and traders are waiting to see what will happen at the next Federal Reserve meeting, which is scheduled for December 13. It is still not sure if the Federal Reserve will take a less aggressive stance in its interest rate hikes, but if this happens, we could see many cryptocurrencies at higher price levels.
Dogecoin (DOGE) is showing some positive momentum in the short term, and the price of this cryptocurrency has recovered from its recent lows reached on November 21. Shiba Inu (SHIB) has been outperforming DOGE in the last several hours, but despite a slight rise, SHIB has not accumulated enough power for continued growth and the possibility of stabilizing above the $0.000010 level.
Technical Analysis of Dogecoin (DOGE)
The price of Dogecoin (DOGE) has advanced from $0.07 to $0.11 since November 21, and the current price stands at $0.096. DOGE was in the red during Friday’s session, but this decline comes as traders have seemingly moved to secure gains following a recent surge in price.
The first resistance level for DOGE stands at $0.11, and if the price advances above this level again, the next target could be $0.12. Traders should also consider that the price of DOGE is usually correlated with Bitcoin, and if the price of Bitcoin jumps above $18,000, we may see DOGE at a higher price level than the current price. The current support level is $0.090, and if the price breaks this level, we could see DOGE at $0.085 or even below.
Technical Analysis of Shiba Inu (SHIB)
Shiba Inu (SHIB) has been outperforming DOGE in the last several hours, but despite a slight rise, SHIB has not accumulated enough power for continued growth and the possibility of stabilizing above the $0.000010 level.
It is also important to note that the trading volume still remains low, which means that traders are not willing to buy at current levels. According to technical analysis, SHIB remains in a bear market, but if the price advances above $0.000010, the next target could be $0.000012. The important support level stands at $0.0000080, and a break below this level would indicate that we could see SHIB at $0.0000070 or even below.
