Crypto's Meme Coins Take a Hit: What's Next for Dogecoin and Shiba Inu?

Dogecoin and Shiba Inu, two of the most popular meme coins, have been on a rough ride lately. On Monday, Dogecoin's value dropped by more than 9%, while Shiba Inu slipped over 5%. This isn't just a one-day thing. Both coins have been struggling within long-term downward trends. Dogecoin has been stuck in a falling channel since late October. Every time it tries to bounce back, it hits a wall. The token is currently below a key resistance level at $0. 1686, and its moving averages are all pointing down. The 20-day, 50-day, 100-day, and 200-day averages are all in a downward trend. The next big support zone is around $0. 12 to $0. 13. If Dogecoin can't hold this level, things could get worse. Shiba Inu is facing similar problems. It tried to break through a short-term resistance level earlier this week but failed. The coin is still stuck in a downward channel it's been in all year. Every time it tries to move up, it gets pushed back down. The latest rejection confirms that sellers are still in control. The next support level is around $0. 00000761. For Shiba Inu to turn things around, it needs to close above $0. 00001050, which it hasn't been able to do for months. The data shows that traders are not confident in these coins. Dogecoin saw $14. 38 million in net outflows on December 1st. Since September, there have been more outflows than inflows. This means traders are reducing their exposure rather than buying more. So, what's next for these meme coins? It's hard to say. The trends are clearly down, and until something changes, it's likely that Dogecoin and Shiba Inu will continue to struggle. Investors should be cautious and keep an eye on key support levels.