Meme Coins Struggle as Bitcoin Takes the Lead

Meme Coins Face Tough Times

Dogecoin and Shiba Inu are finding it difficult to keep pace with the broader crypto market. Despite increased buying from large investors, these coins continue to lose value. To recover, they must overcome key price levels.

Traders Shift Away from Meme Coins

The outlook for meme coins remains bleak. Traders are pulling funds from these high-risk assets, even as other cryptocurrencies like Ethereum perform better. While Shiba Inu received a brief boost from Coinbase offering futures contracts, the price impact has been minimal.

Technical Challenges

• Dogecoin has dropped 3.3% and remains below a falling trendline.
• Shiba Inu is in a similar slump, with both coins showing heavy selling pressure.
• Until they break out of their current trends, recovery will be difficult.

Current Market Position

• Dogecoin is trading around $0.1262.
• Shiba Inu is struggling to stay above its recent lows.

Both coins are moving in tandem, indicating traders view them as a single high-risk investment rather than individual assets.

Path to Recovery

• Dogecoin needs to reclaim $0.13 with strong trading volume.
• Shiba Inu must also surpass its key resistance levels.

Until these milestones are achieved, any recovery attempts are likely to face further selling pressure.