The collapse of FTX and the domino effect it continues to have on other crypto projects and hedge funds has no doubt spooked traders into either selling their digital assets or withdrawing them from exchanges.
Dogecoin Attempts to Shake Off the FTX Contagion
The popular meme-coins of Dogecoin (DOGE) and Shiba Inu (SHIB) have also not been spared by the crypto market meltdown.
A glance at the one-day DOGE/USDT chart below, courtesy of Tradingview, reveals that Dogecoin has retraced by over 50%, all gains as a result of Elon Musk successfully acquiring Twitter in late October.
Also, from the chart, it can be observed that Dogecoin’s 100-day (yellow) and 200-day (green) moving averages are currently acting as support for the memecoin around its current value of $0.075.
The daily MFI (green), RSI (red) and MACD hint at renewed buying interest that could push DOGE/USDT towards the $0.080 resistance level in the days to follow. However, if the bearish sentiment in the crypto-verse persists, Dogecoin could drop to the $0.060 support level.
Shiba Inua (SHIB) Tries to Shake Off the Market Selling
Further checking the one-day SHIB/USDT chart below, it can be observed that the fellow meme-coin to Dogecoin continues to trade in bearish territory below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages.
If the trend persists, SHIB/USDT could drop from current levels of $0.00000861 to the $0.00000714 support level, which coincides with June’s low.
However, the daily MFI (green), RSI (red) and MACD hint at an oversold scenario that could propel Shiba Inu (SHIB) to the 50-day moving average around the $0.00001 price area if the crypto market environment improves.
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