Crypto Analyst Warns on Dogecoin, Shiba Inu

• Crypto analyst Altcoin Sherpa has issued a warning about Dogecoin (DOGE) and Shiba Inu (SHIB), cautioning traders to “wait and see” amid the current market downturn.
• Sherpa notes that DOGE could suffer a severe corrective move if it loses its immediate support level, currently sitting at $0.057.
• For SHIB, the analyst says the memecoin remains in a bearish pattern, trading below its 200-day EMA and approaching lower levels around $0.00000742.

Crypto Analyst Alerts Traders on Dogecoin and Shiba Inu

A widely followed crypto trader is warning about dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) as the markets continue to flash signs of weakness. Pseudonymous analyst Altcoin Sherpa tells his 11,000 YouTube subscribers that Dogecoin could witness a severe corrective move if it loses its immediate support level.

Dogecoin’s Immediate Support Level

Sherpa notes that DOGE went to its last key level back at $0.057 but cautions against buying it here as it is likely to just chop around. If this level falls, then it’s going to go to the next level around the $0.045 area. He does not see Dogecoin as an interesting buy right now, recommending traders simply wait and see what happens with this coin’s price action before making any moves in this direction.

Shiba Inu Remains Bearish

The trader also says that SHIB remains in a bearish pattern as it sets macro lower highs and lower lows despite having experienced a nice move up recently which was quickly retraced. It looks like SHIB is approaching some of these lower levels again ($0.00000742). As such, he still sees SHIB’s overall market structure as being bearish for now until further notice or changes can be observed in its price action over time.

Current Trading Prices

Dogecoin is trading for 0.0630 at time of writing, up 0