Dogecoin has been one of the more stable coins in this volatile market, but it is currently at risk due to a lack of momentum despite Shiba Inu’s 200% increase and overall bearish structure.
A slow and steady trend up, that’s what the Dogecoin price has been on for quite some time now. Unfortunately, the coin is approaching resistance around 50% Fibonacci retracement levels at $0.272; but it seems like this uptick in value might break through these barriers soon enough.
As the Dogecoin price continues to move sideways, it will be crucial for traders looking at short-term directional bias. A fall to $0.193 would confirm that the bearish trend has resumed, and there are strong indications of an impending 20% decline from current levels.
With the recent rise in popularity of DOGE competitor Shiba Inu, which has rallied roughly 230% over this week alone, many users may have decided to migrate away from Dogecoin and back towards its shady doggy rival.
In addition, there’s a whole other world of cryptocurrencies out there, and they’re all doing pretty well! The most popular ones include flokinomics with 1 800% growth in 24 hours; baby Shiba Inu, whose value has gone up 400% and finally Flokifrunkpuppy coin, which is jumping around 50%.