As the weekend unfolds, the cryptocurrency market bearish trend seems to be taking hold, according to data from CoinMarketCap. The leading coins, including DOGE, SHIB, and BONK, have all experienced a downturn in their rates. Let’s delve into the specifics of each.
The Downward Journey of DOGE
In the last 24 hours, DOGE’s rate has plummeted by 5.41%. The daily chart reveals a bearish trend for DOGE, as it teeters near the $0.075 support level. The future of DOGE hangs in the balance, with the potential for a further drop to the same level if the $0.08 region is not maintained by buyers. At the time of writing, DOGE is trading at $0.08026.
SHIB Follows Suit
SHIB has not been immune to the bearish trend, recording a 4% drop. However, the technical analysis suggests a slightly more positive outlook for SHIB compared to DOGE. SHIB is striving to maintain its position near the resistance level. But for the bulls to regain control, the rate must be restored to at least the $0.000011 zone. Until then, it is more likely that we will witness a sideways trading pattern between $0.0000090 and $0.000010. Currently, SHIB is trading at $0.0000098.
BONK Takes the Biggest Hit
BONK has suffered the most significant loss, with a near 10% decline. The daily chart shows BONK’s rate caught in the middle of a wide channel, indicating that neither bulls nor bears have the upper hand. However, if the day’s candle closes below yesterday’s bar, a fall to the $0.000010 zone could be on the horizon. Presently, BONK is trading at $0.00001335.
As the cryptocurrency market bearish trend continues, it’s crucial to stay updated with the latest market movements. One way to do this is by using applications like cryptoview.io, which provide real-time data and analysis.
