SHIB and DOGE price waiting for Elon Musk’s resignation

Both Shiba Inu (SHIB) price and Dogecoin (DOGE) price are following a descending resistance line, which is a sign of a downtrend.

Dogecoin price falls again

Dogecoin is the largest meme token based on its market cap. Its most famous fan is Elon Musk. Despite its decision of 19 December step down as CEO This could have negative implications for Twitter and for Twitter crypto payments, with the price of DOGE yet to see a price shock.

Despite poll results showing a majority want him to step down, Mr Musk has found support from notable crypto figures, such as Vitalik Buterin, Michael SaylorAnd changpeng zhao,

However, since November 1, the DOGE price has been falling below the descending resistance line. The resistance line caused a rejection on December 5 (red icon), accelerating the rate of decline. Due to this, it fell to a low of $0.069 on 19 December.

Additionally, it has dropped the daily RSI below 50 (red circle), which is a signal associated with a bearish trend.

In conclusion, the Dogecoin price action since November 9 looks like a complete ABC corrective structure. All these signs indicate that the Dogecoin price is expected to continue its decline.

If so, DOGE price could find support near the rising support line at $0.06.

Conversely, a breakout above the resistance line would invalidate this bearish DOGE price prediction.

Dogecoin (DOGE) Price Resistance
DOGE/USDT Daily Chart. Source: TradingView

Shiba Inu price fell below support

Similar to DOGE, the price of Shiba Inu has also declined below the descending resistance line since August 14. The line caused several rejections between 29 October – 5 November (red circle). Later, SHIB price declined below the $0.0000097 horizontal zone, which had acted as a support since July.

After the breakdown, the SHIB price declined in the area on 4th December (red icon) and declined in the next 24 hours. So far, it has reached a low of $0.0000079.

The yearly low forms the next closest support area at $0.0000076. The most likely scenario is a gradual decline towards it.

A break out of the resistance line and retesting the $0.0000097 area would mean that the trend is bullish.

Shiba Inu (SHIB) Price Resistance
SHIB/USDT Daily Chart. Source: TradingView

To conclude, both DOGE and SHIB price are showing bearish signs indicating that the decline is likely to continue. A break out of their respective resistance lines would mean that a rather bullish reversal has begun.

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