Dogecoin (DOGE) and Shiba Inu (SHIB) Continue to Trade Sideways, but Traders Maintain That More Upside Is Still to Come for the Underperforming Meme Coins

Trader Notes: Trader Tardigrade highlighted that Dogecoin's past rebounds followed over 50% corrections, with the latest dip at -58.25% mirroring previous breakout patterns.

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) continued trading sideways on Monday evening, but several traders maintained their bullish outlook for the underperforming meme coins.

Here's what some traders said about Dogecoin and Shiba Inu:

Trader Tardigrade highlighted that Dogecoin’s past rebounds followed over 50% corrections, with the latest dip at -58.25% mirroring previous breakout patterns. He still predicts Dogecoin to reach $2.

“The down percentages in the final pullbacks are very close 🔥Before each strong rebound, $DOGE tends to pull back more than 50%.The first pullback noted a -59.76% decline, while the second revealed -56.2%.The current (third) pullback recorded -58.25%, qualifying it…”

Technical analyst Kevin remained macro bullish on DOGE but warned that $0.28 must be reclaimed for further upside. Failure to do so could lead to a retest of $0.19.  

“$DOGE macro bullish, micro bearish. If we fail to reclaim $0.28, we're heading to $0.19 for another attempt. Otherwise, look for $0.42.”

Benzinga technical analysis showed Shiba Inu’s RSI at 27.2, indicating that SHIB is oversold and potentially due for a bounce. Oversold RSI levels often signal buying opportunities at undervalued prices.

“Shiba Inu is showing signs of being oversold, which could lead to a bounce back up. The RSI is at 27.2, and the MACD is bearish, but a bullish crossover is forming.”

Shiba Inu Burn Rate Spiked 1,151.8% Last Week: Benzinga technical analysis also showed that the Shiba Inu burn rate spiked 1,151.8% last week, with a single transaction destroying 14 million SHIB.

“The SHIB burn rate has increased by an impressive 1,151.8% over the past week. A total of 14,133,633 SHIB were burned in a single transaction from a SHIB burn wallet.”

Shiba Inu's price action appeared choppy last week, with large SHIB transactions and daily active addresses decreasing.

“Large SHIB transactions decreased by 55.2%, and daily active addresses dropped by 13.4%. Despite the burn, these metrics suggest that traders are exercising caution in the short term.”

Crypto chart analyst Ali Martinez noted that whales bought 100 million DOGE in the past 24 hours, showing increasing confidence in DOGE's long-term potential.

“Whales be buying that DOGE quietly, huh? Slowly but surely adding more and more to their bags. Noice 🔥🚀🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋