Dogecoin (DOGE) and Shiba Inu (SHIB) Start Correction After Bull Trap
Both Dogecoin (DOGE) and Shiba Inu (SHIB) have broken down from their respective patterns which had been in place since the June lows. But, SHIB has shown more strength by managing to hold on above an important support area. So, the most likely scenario would have DOGE falling to the $0.053 support and potentially heading even lower.
DOGE had been increasing inside an ascending parallel channel since June 14. The upward movement led to a high of $0.089, reaching the resistance line of this channel. However, the price was rejected and has been falling since. Furthermore, DOGE decreased below the $0.077 area, which was expected to provide support. Now, the area has turned to resistance. This is considered a sign of weakness, since DOGE could not even initiate a substantial retracement.
Source
@Doge_ShibaInu
