Shiba Inu (INU) Poised to Drop below $0.0000085
The most anticipated event occurred, the Shibarium Ethereum L2 blockchain went live on the Mainnet, which unfortunately had a turbulent start. The SHIB price plunged by 9% as users reported bridging issues and were also blocked from sending messages to a community from Discord. The transactions were halted for several hours, piled up bearish sentiment, and dragged not only SHIB but also BONE & LEASH prices down.
With the recent price action, the SHIB price slides below the bullish pattern, indicating the growing control of the bears over the token. The price transposed from a recovery mode to a descending mode and is currently heading down to reach the lower support at $0.000008. However, a minor support level of $0.0000085 may trigger a rebound, but the lack of bullish strength at these levels may not offer the basis for a bullish reversal. Therefore, SHIB prices may continue to plunge until market sentiment flips in favour of the bulls.
Pepe (PEPE) Ready to Explode by 10%
Pepe coin underwent a steep downfall in the recent past after it faced rejection from the interim highs at $0.00000144. After plunging by more than 22%, the price is trying to stabilize a bullish reversal that may lift the price to some extent. But the mounting bearish pressure may prevent it from doing so, compelling the price to remain consolidated for an extended period.
Considering the current trade setup, the PEPE price is trying to light a strong bullish impulse wave that may raise the price back to its initial position. Besides, the RSI also rebounded after testing the lower support, which substantiates the claim. Therefore, after a brief consolidation, the PEPE price is believed to trigger a massive upswing to rise and secure levels above $0.0000014, which may in turn lift the price towards $0.0000016.
Dogecoin (DOGE) Attempts a Bullish Reversal
The Dogecoin price continues to trade within a bearish descending channel. The price continues to maintain a significant descending trend after failing to test the upper resistance levels of the channel. Although the trend remains under a bearish influence, the price is making an effort to validate a bullish reversal.
The RSI has triggered a bullish rebound but awaits confirmation, which suggests the bulls are gaining strength and may lift the prices higher soon. However, the buying pressure has yet to accumulate, and therefore, the DOGE price could continue chopping around $0.07 for a while before setting up a bullish breakout towards the upper resistance of the channel.