• Crypto analyst Altcoin Sherpa is warning traders about the risks of investing in Dogecoin (DOGE) and Shiba Inu (SHIB).
• Altcoin Sherpa warns that Dogecoin could experience a severe correction if it loses its immediate support level.
• The analyst also notes that Shiba Inu remains in a bearish pattern, setting lower highs and lower lows.
Crypto Analyst Issues Warning 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 show signs of weakness. Pseudonymous analyst Altcoin Sherpa has alerted his 11,000 YouTube subscribers of the potential risks associated with investing in these coins.
Dogecoin Could Experience Severe Correction
Altcoin Sherpa believes that if DOGE loses its immediate support level at $0.057, it could witness a severe corrective move down to around $0.045. He advises traders to “wait and see” before making any investments in the coin at this time.
Shiba Inu Remains Bearish
The analyst also notes that SHIB remains in a bearish pattern, setting macro lower highs and lower lows as it approaches its 200-day exponential moving average. He does not believe that SHIB currently presents an interesting buying opportunity for investors.
Dogecoin Trading Price
At time of writing, Dogecoin is trading for 0.0630, up 0.2% in the last 24 hours.
Shiba Inu Trading Price
Shiba Inu is trading for $0.00000813 at time of writing, down 1.2% in the last 24 hours