Dogecoin and Shiba Inu fell during US time as rising sales volume pushed both tokens below key technical levels, spreading weakness across the meme coin segment, while ether underperformed other majors.
News background
- The movement developed along with a continuous smoothness in the ether. which traders often treat as an indicator of risk appetite in altcoins. As ETH lagged the broader market, higher beta assets such as meme coins absorbed enormous selling pressure.
- Broader crypto benchmarks remained relatively stable, underscoring that the weakness was concentrated in speculative segments rather than a market-wide capitulation.
- This divergence suggests capital rotation and risk reduction rather than panic selling.
Technical analysis
- Dogecoin broke below the psychological level of $0.13 after the rejection of $0.1331, confirming a sequence of lower highs and setting the price in a descending channel.
- Former support near $0.1296 has turned into resistance, reinforcing the bearish structure.
- Trading volume increased 53% to 479.7 million tokens, consistent with active distribution rather than low liquidity drift.
- Failed attempts to recover broken levels increase the likelihood of continuation into areas of lower demand unless buyers intervene decisively.
- Shiba Inu mirrored the structure of DOGE, falling below short-term support and failing to regain overall supply.
- The lack of relative strength against DOGE suggests sector-wide pressure rather than isolated symbolic weakness.
Price Action Summary
- DOGE fell from $0.1314 to $0.1312 in the last 24 hours, briefly falling to $0.1298 before bouncing back towards $0.1311 on short-lived volume spikes near 27 million tokens.
- The bounce lacked continuity, leaving the price capped below resistance.
- SHIB followed DOGE lower during the session, stabilizing but failing to regain previous support.
- The synchronized move reinforced the view that meme coins are being traded as a single risk pool rather than as specific token drivers.
What traders should know
- Support for DOGE lies between $0.1290 and $0.1280, with a downside risk of $0.1250 if selling resumes.
- Recovery and holding above $0.1325 would be necessary to neutralize the current bearish setup.
- SHIB’s near-term direction will likely depend on whether DOGE stabilizes and ether regains its relative strength.
- As long as ETH remains under pressure, meme coins are likely to lag broader crypto performance and remain vulnerable to further downside.
