Shiba Inu and Dogecoin plunge amidst the neutral market trend
Bitcoin (BTC) and Ethereum (ETH) have remained flat in the last 24 hours as the blue-chip cryptocurrencies suggest a neutral outlook after taking support just above the previous support level, which means it is forming higher lows.
On the daily chart of Bitcoin, candlesticks are forming in the lower Bollinger Band, RSI, and MACD, suggesting a neutral outlook or consolidation around $22K. The price is below the 10 days and 50 days moving average lines. According to our BTC prediction, the price of Bitcoin may form higher highs or break the support for a downtrend.
Ethereum also forms red candlesticks in the lower Bollinger Bands around $1560. Other major technical indicators such as MACD and RSI also suggest a timewise correction or sideways movement. Indeed, $1560 and $1500 are strong supports of ETH.
Besides these blue-chip cryptocurrencies, meme coins also hold support on the daily chart. Shiba Inu is declining after a short upside rally in the last two months. $0.000016 is the recent high of this meme coin. As per the Shiba Inu coin price prediction, if the SHIB token price continues the downtrend, the next support will be around $0.00001 around the 100-day moving average. Now the candlesticks are forming below the 10- and 50-day moving average lines. Bollinger Bands, along with MACD and RSI, suggest strong price correction.
Another competitor of Shiba Inu, Dogecoin, follows a similar chart pattern. Since the third week of February, candlesticks have been forming in the lower Bollinger Band with bearish MACD and RSI. Although DOGE price has surged 1.5% in the last 24 hours, the overall short-term chart pattern suggests a bearish outlook. Recent candlesticks are forming below the 50-days and 100-days moving averages.
2023 will be a volatile year, and crypto experts suggest a strong trend in both directions. The US FED will continue to hike interest rates, impacting the overall crypto performance.
Crypto enthusiasts may not find the immediate downtrend after the interest rate hike that the market saw in 2022. Still, higher interest rates will encourage investors to move their money into safer government bonds. Investors need to find the ideal opportunity to enter and book profit on digital assets.