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Crypto Analyst Issues Dogecoin and Shiba Inu Alert, Warns Traders To ‘Wait and See’ Amid Market Downturn

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A widely followed crypto trader is warning about dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) as the markets continue to flash signs of weakness.

Pseudonymous analyst Altcoin Sherpa tells his 11,000 YouTube subscribers that Dogecoin could witness a severe corrective move if it loses its immediate support level.

“[DOGE] went to this last key level back at $0.057. This is an interesting area, but, again, I don’t really think this is necessarily a buy. You can just sit here and buy it, but expect this to just chop around…

If this [$0.057] level falls, then it’s going to go to this next level around the $0.045 area…

I don’t really see Dogecoin [as] an interesting buy as of right now personally, but we will just kind of wait and see.”

Crypto Analyst Issues Dogecoin and Shiba Inu Alert, Warns Traders To ‘Wait and See’ Amid Market Downturn

Source: Altcoin Sherpa/YouTube

Dogecoin is trading for 0.0630 at time of writing, up 0.2% in the last 24 hours.

Next, the trader says the DOGE-rival SHIB remains in a bearish pattern as it sets macro lower highs and lower lows.

“[SHIB] did have a nice move up, but it got quickly retraced and 200-day EMA (exponential moving average) – similar to Dogecoin – kind of broke down and now looks like it’s approaching some of these lower levels again ($0.00000742)…

[SHIB’s] still a bearish market structure…

Crypto Analyst Issues Dogecoin and Shiba Inu Alert, Warns Traders To ‘Wait and See’ Amid Market Downturn

Source: Altcoin Sherpa/YouTube

Shiba Inu is trading for $0.00000813 at time of writing, down 1.2% in the last 24 hours.

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Generated Image: Midjourney

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