Dogecoin and Shiba Inu Test Lower Levels After Key Support Gives Way
Dogecoin (DOGE) and Shiba Inu (SHIB) fell below key technical support levels amid rising selling pressure during U.S. trading hours. This decline coincided with a drop in Ethereum (ETH), which traders use as a risk gauge, contributing to the selling of meme coins. Despite this weakness, broader crypto markets remained relatively stable, indicating that the pressure was concentrated in meme coins rather than reflecting a market-wide move, suggesting capital rotation or de-risking.
DOGE broke below the psychological $0.13 level after being rejected at $0.1331 and entered a descending channel, with former support near $0.1296 now flipped to resistance. Trading volume for DOGE surged 53% to 479.7 million tokens, indicating active distribution rather than a low-liquidity decline. Price actions saw DOGE fall from approximately $0.1314 to $0.1312, briefly dip to $0.1298, then rebound to about $0.1311 without sustained follow-through and facing resistance.
The near-term support for DOGE lies between $0.1290 and $0.1280, with downside risk extending to $0.1250 if selling resumes. A reclaim above $0.1325 would neutralize the bearish setup. SHIB mirrored DOGE's pattern, slipping below short-term support and failing to reclaim overhead supply, indicating sector-wide pressure.
SHIB's near-term direction likely depends on DOGE stabilization and ETH strength. As long as ETH remains under pressure, meme coins may lag broader crypto markets and remain vulnerable to further downside. ETH was trading around $2,857.39 and underperformed other major cryptocurrencies, reinforcing its role as a risk gauge for altcoins.
