Dogecoin and Shiba Inu have faced declines during U.S. trading hours, as increased selling volume pushed both cryptocurrencies below significant technical levels. This trend marks a continuation of weakness within the meme coin segment, coinciding with Ethereum“s underperformance compared to other major cryptocurrencies.
The recent movement in the market has unfolded amidst ongoing softness in ether, which is currently priced at $2,838.97. Traders frequently view ether as a gauge for risk appetite across alternative cryptocurrencies. As ether lags behind other assets, higher-risk investments such as meme coins have seen intensified selling pressure. Notably, broader cryptocurrency benchmarks have remained relatively stable, indicating that the observed weakness is primarily isolated to speculative segments rather than a widespread market capitulation.
This divergence hints at a capital rotation and a de-risking strategy among traders, rather than an environment driven by panic selling. In terms of technical analysis, Dogecoin fell below the critical psychological level of $0.13 after facing rejection at $0.1331. This action confirms a pattern of lower highs and confines the price within a descending channel. Previously established support around $0.1296 has turned into resistance, further solidifying the bearish outlook for the token. Trading volume surged by 53% to 479.7 million tokens, reflecting active distribution as opposed to low-liquidity drift. The failure to reclaim broken resistance levels raises the likelihood of continued downward movement unless there is a decisive intervention by buyers.
Shiba Inu demonstrated a similar trajectory, slipping below short-term support without succeeding in reclaiming previous overhead supply. The relative weakness compared to Dogecoin suggests that this pressure is sector-wide, rather than limited to individual tokens. Over the past 24 hours, Dogecoin fluctuated from $0.1314 to $0.1312, with a brief drop to $0.1298 before bouncing back to $0.1311. However, this rebound was short-lived, lacking the momentum needed to break through resistance levels.
Shiba Inu mirrored the movements of Dogecoin throughout the session, attempting to stabilize but ultimately failing to reclaim earlier support levels. This synchronized price action reinforces the perspective that meme coins are behaving as a collective risk category, rather than reacting to individual token developments.
For traders, it is crucial to note that support for Dogecoin resides between $0.1290 and $0.1280, with potential downside risk extending toward $0.1250 if selling pressure persists. A successful reclaim and stabilization above these levels are necessary for a shift in the current bearish sentiment.
