• Dogecoin price continued to decline on Monday after correcting more than 6% the previous week.
  • Shiba Inu price trades in the red on Monday after declining almost 7% last week.
  • DOGE and SHIB long-to-short ratio trades are below one, indicating more traders are betting for dog-based meme coins to fall.

Dogecoin (DOGE) and Shiba Inu (SHIB) prices continue to decline on Monday after correcting more than 6% in the previous week. DOGE and SHIB long-to-short ratio trades are below one, indicating more traders are betting for dog-based meme coins to fall.

Dog-themed memecoins face downlegs as bearish bets increase among traders

According to Coinglass’s data, the long-to-short ratio of dog-themed memecoins DOGE and SHIB reads 0.79 and 0.82, respectively. This ratio below one reflects bearish sentiment in the markets as more traders are betting for the memecoins to fall.

DOGE long-to-short ratio chart. Source: Coinglass

DOGE long-to-short ratio chart. Source: Coinglass

SHIB long-to-short ratio chart. Source: Coinglass

SHIB long-to-short ratio chart. Source: Coinglass

Dogecoin Price Forecast: DOGE shows signs of weakness

Dogecoin price faced rejection around its 61.8% Fibonacci retracement level on January 21 (drawn from the December 8 high of $0.48 to the December 20 low of $0.26) at $0.40, which declined 16.78% until Sunday. At the time of writing on Monday, it continues to trade down around $0.32.

If DOGE continues its correction, it could extend its decline to retest its December 20 low of $0.26.

The Relative Strength Index (RSI) indicator on the daily chart reads 40, below its neutral level of 50, pointing downwards, indicating bearish momentum. The Moving Average Convergence Divergence (MACD) indicator also shows a bearish crossover on Thursday, indicating a downward trend.

DOGE/USDT daily chart

DOGE/USDT daily chart

Shiba Inu Price Forecast: Poised for a double-digit crash

Shiba Inu price broke and closed below its ascending trend (drawn from connecting multiple low levels since August 5) on Friday and declined 4.36% until Sunday. At the time of writing on Monday, it continues to trade down around $0.000018.

If SHIB continues its pullback, it could extend its decline by 12% to retest its November 3 low of $0.000016.

The RSI indicator on the daily chart reads 34, below its neutral level of 50, pointing downwards, indicating bearish momentum. The MACD indicator also shows a bearish crossover on January 20, indicating a downward trend.

SHIB/USDT daily chart

SHIB/USDT daily chartRelated news

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Crypto market wipes out $1 billion in liquidation as Asian markets bleed red 

Crypto market wipes out $1 billion in liquidation as Asian markets bleed red 

The crypto markets continue to decline on Monday, with Bitcoin (BTC) falling below $78,000. The Asian markets also traded in the red, with Japan’s stock market extending losses to 8.5%, its lowest level since October 2023.

More Cryptocurrencies News
XRP Price Prediction: XRP hangs on a loose thread, deeper correction below $2 impending?

XRP Price Prediction: XRP hangs on a loose thread, deeper correction below $2 impending?

Ripple (XRP) is extending losses below the previous week’s critical level at $2.00, as United States (US) President Donald Trump doubled down on tariffs, stressing that America must solve the trade deficit before making a deal.

More Ripple News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC and XRP head to yearly lows while ETH hits two-year bottom

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC and XRP head to yearly lows while ETH hits two-year bottom

Bitcoin (BTC) price hovers around $78,600 on Monday after falling nearly 5% the previous week. Ethereum (ETH) and Ripple (XRP) also followed in BTC’s footsteps and declined 13% and 10%, respectively, in the previous week.

More Cryptocurrencies News
Bitcoin could be the winner in the ongoing trade war after showing signs of decoupling from stocks

Bitcoin could be the winner in the ongoing trade war after showing signs of decoupling from stocks

Bitcoin (BTC) traded above $84,000 on Friday, showing strength despite the stock market experiencing significant declines. The market reaction stems from United States (US) President Donald Trump's clash with the Federal Reserve Chairman Jerome Powell over interest rate decisions.

More Bitcoin News
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market

Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market

Bitcoin (BTC) price remains under selling pressure and trades near $84,000 when writing on Friday after a rejection from a key resistance level earlier this week.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP