August 27, 2023 8:52 AM | 2 min read
Cryptocurrency analyst Altcoin Sherpa has issued a warning about Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE), as the markets continue to show indications of vulnerability.
What Happened: The analyst said on his YouTube channel on Saturday that if Dogecoin relinquishes its immediate support level, a significant corrective downward movement might ensue.
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“DOGE went to this last key level back at $0.057. This is an interesting area, but again, I don’t really think this is necessarily a buy. You can just sit here and buy it, but expect this to just chop around. If this level falls, then it’s going to go to this next level around the $0.045 area,” the analyst said.
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“I don’t really see Dogecoin as an interesting buy as of right now, personally, but we will just kind of wait and see,” he added.
Speaking about the SHIB, Altcoin Sherpa said that the cryptocurrency remains in a bearish pattern as it sets macro lower highs and lower lows.
“SHIB did have a nice move up, but it got quickly retraced, and the 200-day exponential moving average — similar to Dogecoin — kind of broke down and now looks like it’s approaching some of these lower levels again at $0.00000742,” the analyst said.
At the time of writing, DOGE was trading at $0.0631, almost down by two percent in the last seven days. SHIB was trading at $0.000008131, down by 4 percent during the previous seven days.
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