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These meme coins are currently underperforming

 



Shiba Inu and Dogecoin have underperformed over the past few hours, but they could break out of the bearish trend soon.


The cryptocurrency market has underperformed over the past 24 hours, erasing some of the gains made earlier this week.


The overall cryptocurrency market has fallen into the $1.6 trillion zone after surpassing $1.7 trillion earlier this week. Bitcoin is trading around the $37,000 level after failing to break the $40,000 resistance point.


Dogecoin (DOGE) and Shiba Inu (SHIB) remain the leading meme coins in terms of market cap. However, they have underperformed in the last 24 hours.


DOGE is down more than 1.3% over the past 24 hours, and SHIB has lost nearly 1% of its value over the period.


The bearish performance of the leading meme coims comes despite a nearly 2% Bitcoin rally over the past 24 hours.


There is no major catalyst behind their recent performance other than the bearish nature of the broader cryptocurrency market.


Despite their current performance, DOGE and SHIB could surge higher in the coming hours if the bulls regain control of the market.


Important levels at a glance

The DOGE/USD 4 hour chart is turning bearish at the moment thanks to the coupon's performance over the last 24 hours. The technical indicators are showing that DOGE is currently underperforming but could soon move higher.


The MACD line is below the neutral zone, indicating a downtrend. The 49 RSI shows that DOGE is not in the oversold territory and could soon move higher.



The SHIB/USD 4-hour chart is also down as the token has lost about 1% of its value over the past 24 hours.


SHIB's MACD line has been below the neutral zone for the past week. However, the RSI currently stands at 52, which suggests that buying pressure on Shiba Inu is slowly returning. If the bulls regain control, SHIB could surge higher over the weekend.

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