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Here’s Why The Dogecoin And Shiba Inu Price Crashed Over 10%
- The Dogecoin and Shiba Inu prices have experienced significant losses this week, linked to geopolitical tensions between Israel and Iran.
- The price crash was mainly triggered by Israel's attack on Iran, escalating fears and causing a bearish sentiment towards the meme coins.
- Iran's subsequent retaliatory strikes against Israel added to the market turmoil, further impacting the Dogecoin and Shiba Inu prices.
- The ongoing conflict between the two nations raises concerns about the possibility of a full-scale war, negatively affecting the meme coins.
- Rising oil prices due to the tensions could lead to inflation, potentially prompting the US Federal Reserve to adjust interest rates, impacting Dogecoin and Shiba Inu prices negatively.
- Data from Coinglass indicates a decline in Dogecoin's open interest and derivative trading volume, signaling waning trader interest in the coin.
- Shiba Inu's trading volumes have also dropped significantly, with a majority of traders shorting the meme coin, although the open interest has slightly increased.
- Despite the current bearish trend, some analysts believe that Dogecoin may have hit a bottom and could see a significant rally in the near future.
- Another analyst has pointed out potential positive indicators for the Shiba Inu price, suggesting a W-reversal pattern that could push SHIB to higher levels.
- Trader Tardigrade predicts a potential rally for Dogecoin above $0.65 towards a new all-time high after completing a corrective wave.
- InvestingHaven outlines a case for Shiba Inu, highlighting strong support levels and a possible W-reversal pattern that could drive SHIB to around $0.0000666.
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