Dogecoin and Shiba Inu fell during US hours as rising selling volume pushed both tokens below key technical levels, extending weakness across the meme coin segment, while ether underperformed other majors.
News background
- The movement unfolded along with continued softness in the ether which traders often treat as a proxy for risk appetite across altcoins. As ETH lagged the broader market, higher beta assets such as meme coins absorbed too much selling pressure.
- Broader crypto benchmarks remained relatively flat, highlighting that weakness was concentrated in speculative segments rather than a market-wide capitulation.
- This divergence suggests capital rotation and de-risking rather than panic selling.
Technical analysis
- Dogecoin broke below the $0.13 psychological level after rejection at $0.1331, confirming a sequence of lower highs and locking the price in a descending channel.
- Previous support near $0.1296 has turned to resistance, reinforcing the bearish structure.
- Trading volume increased 53% to 479.7 million tokens, which is consistent with active distribution rather than low-liquidity operation.
- Failed attempts to recover broken levels increase the likelihood of a continuation towards areas of lower demand unless buyers act decisively.
- Shiba Inu mirrored DOGE’s structure, slipping below short-term support and failing to recover overhead supply.
- The lack of relative strength relative to DOGE suggests sector-wide pressure rather than isolated token weakness.
Price action overview
- DOGE fell from $0.1314 to $0.1312 over the past 24 hours, briefly dropping to $0.1298 before bouncing towards $0.1311 on short-lived volume spikes near 27 million tokens.
- The rally lacked follow-through, leaving the price capped below resistance.
- SHIB tracked DOGE lower through the session and stabilized, but failed to regain previous support.
- The synchronized move reinforced the view that meme coins are traded as a single risk bucket rather than on token-specific drivers.
What traders should know
- Support for DOGE is at $0.1290-$0.1280, with downside risk towards $0.1250 if selling resumes.
- It would need to recover and hold above $0.1325 to neutralize the current bearish setup.
- SHIB’s near-term direction likely depends on whether DOGE stabilizes and ether regains relative strength.
- As long as ETH remains under pressure, meme coins are likely to lag behind broader crypto performance and remain vulnerable to further downside.
