Altcoins News
By Steven Anderson
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The battle between dog-themed cryptocurrencies has taken a new turn as Shiba Inu (SHIB) shows signs of recovery, while Dogecoin (DOGE) faces growing resistance.
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At press time on Tuesday, both SHIB and DOGE are down by approximately 1% over the past 24 hours.
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Dogecoin is currently priced at $0.2243, trading sideways for the past four sessions and forming consecutive Doji candles on the daily chart.
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However, the chart structure paints a cautious picture. A double top—a classic bearish reversal pattern—has formed near the $0.
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From a momentum perspective, indicators are not favorable for DOGE bulls. The MACD (Moving Average Convergence Divergence) has just triggered a sell signal, with its line…
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If bulls manage to defend the neckline and push the price upward, a breakout above the resistance trendline could flip sentiment. In that case, the $0.
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In contrast to Dogecoin, Shiba Inu is showing relative strength as it trades at $0.00001439, holding above both its 50-day EMA at $0.00001412 and the key support level at $0.
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Shiba Inu previously broke above the $0.000014 zone, indicating a possible trend reversal. While the price failed to sustain a move above $0.
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A Fibonacci retracement drawn from $0.00003285 (December 5 high) to $0.00001066 (April 8 low) shows key resistance at $0.00001590, aligning with the 200-day EMA and the 23.
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The current technical setup points to a post-retest reversal, where price stabilizes after testing a broken resistance zone, which could now act as support.
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In addition to favorable technical signals, on-chain and derivatives data for Shiba Inu reflect growing optimism. The open interest (OI) for SHIB rose by 1.
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Meanwhile, Dogecoin's OI dipped slightly by 0.14%, falling to $2.64 billion. Its funding rate remained relatively unchanged at 0.
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Over the past 24 hours, Dogecoin saw $3.36 million in long liquidations, significantly outpacing the $1.39 million in short liquidations.
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Looking at taker buy/sell volumes, the long-to-short ratio for Shiba Inu has been rising over the last three days, now at 0.9928, with long positions accounting for 49.
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For Dogecoin, the picture is more bearish. The long/short ratio fell to 0.885, with 53.05% of taker volume going to short positions.
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