Dogecoin (CRYPTO: DOGE) plunged 4% while Shiba Inu (CRYPTO: SHIB) fell 2% on Tuesday, with both meme coins accelerating lower after breaking critical support levels.
DOGE’s $0.08 Target
Dogecoin broke below the $0.10 psychological level, a significant technical failure.
The Supertrend at $0.11958 confirms bearish momentum, while the Parabolic SAR at $0.10544 sits above price as resistance.
Moreover, DOGE pushes toward the lower boundary of its channel, suggesting selling pressure intensified.
Horizontal support appears around $0.08, where buyers previously stepped in, though the violent decline suggests strong downward momentum.
Open interest dropped 1.02% to $962.62 million while options volume plummeted 48.58%, indicating reduced trading activity and speculator exits according to Coinglass.
The Binance long/short ratio sits at 2.1756, meaning many traders positioned for a bounce are now underwater.
For recovery, DOGE needs to reclaim $0.10 and break above the Supertrend at $0.12. Immediate resistance sits at $0.10-$0.105. Until then, the path leads to $0.08 support, with $0.07 or lower if that fails.
SHIB’s $0.000005 Floor
Shiba Inu trades at the lower Bollinger Band at $0.00000552, suggesting extreme selling pressure.
The Supertrend at $0.00000753 remains bearish, while the upper Bollinger Band at $0.00000837 shows how far SHIB has fallen.
A descending trendline caps rallies. The price continues respecting this resistance throughout the downtrend.
Recent price action shows capitulation breaking previous support zones.
Additionally, token burns haven’t helped. The burn rate jumped 65.52% over 24 hours with 2.5 million SHIB burned.
However, 585.45 trillion remain in circulation—burns provide long-term support but haven’t prevented the technical breakdown.
Immediate support sits at $0.00000550-$0.00000600. Breaking below opens the path to $0.00000500 or lower. For recovery, SHIB needs to reclaim $0.00000700 and break above the Supertrend.
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