• Crypto analyst Altcoin Sherpa is warning traders to “wait and see” amid the market downturn, issuing an alert on Dogecoin (DOGE) and Shiba Inu (SHIB).
• Sherpa says that if Dogecoin loses its immediate support level at $0.057, it could witness a severe corrective move down to $0.045.
• SHIB remains in a bearish pattern as it sets macro lower highs and lower lows, according to the trader.
Crypto Analyst Warns Traders To ‘Wait and See’ Amid Downturn
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.
Dogecoin Could Face Severe Corrective Move If It Loses Support Level
Sherpa warns that if Dogecoin loses its immediate support level at $0.057, it could witness a severe corrective move down to $0.045 area. The trader adds that he doesn’t currently view Dogecoin as an interesting buy but advises traders to wait and see how the situation develops before making any decisions on investments in the coin.
Shiba Inu Continues To Show Bearish Pattern
The analyst also notes that SHIB continues to show a bearish pattern as it sets macro lower highs and lower lows. He explains that SHIB had experienced a nice move up which was quickly retraced after breaking down below its 200-day exponential moving average (EMA).
Overall Market Outlook Remains Weak
Despite some individual coins showing short-term strength, overall market sentiments remain weak with most altcoins trading sideways or downward trending against Bitcoin’s value over time due largely to lack of fundamental developments or news catalysts driving prices higher for now.
In conclusion, traders are advised to take caution when investing in DOGE or SHIB due to current market volatility with no clear direction for either coin’s price movements over the near-term future yet apparent despite both coins having made impressive gains since their respective launches earlier this year.