Dogecoin (DOGE) and Shiba Inu (SHIB) prices hover around $0.172 and $0.000012

Dogecoin (DOGE) and Shiba Inu (SHIB) prices are trading at $0.172 and $0.000012 at the time of writing on Monday after falling nearly 5% last week.

According to Coinglass’s OI-Weighted Funding Rate, the number of traders betting on the prices of Dogecoin and Shiba Inu to fall is higher than that of those anticipating a rise in these meme coins.

This index is based on the yields of futures contracts, which are integrated with their Open Interest (OI) rates. A positive rate (longs pay shorts) indicates bullish sentiment, while negative numbers (shorts pay longs) indicate bearishness.

In the case of DOGE and SHIB, the metric stands at -0.0012% and -0.0055% respectively, as of Monday morning, presenting a negative rate and indicating that shorts are paying longs.

This scenario usually signifies bearish sentiment in the market, suggesting potential downward pressure on DOGE and SHIB prices.

Dogecoin price prediction: Is DOGE ready to continue its bullish trend?

Dogecoin price has been facing resistance around the weekly level of $0.181 since April 25 and declined nearly 5% last week. This level roughly coincides with the 50-day Exponential Moving Average (EMA) at $0.178, making it a key resistance zone. At the time of writing, it hovers at around $0.172.

If the $0.181 level continues to hold as resistance, DOGE could extend the decline to retest its April 22 low of $0.157.

The Relative Strength Index (RSI) on the daily chart hovers around its neutral level of 50, indicating indecisiveness among traders. If the RSI slips below its neutral level of 50, the bearish momentum will strengthen, leading to a fall in the Dogecoin price. Moreover, its Moving Average Convergence Divergence (MACD) is about to flip a bearish crossover. If the MACD shows a bearish crossover, it gives a selling signal and would indicate a downward trend.

However, if DOGE breaks and closes above the weekly resistance at $0.181, it would extend the rally to test its next resistance level at $0.20.

Shiba Inu price prediction: Is SHIB set for more losses?

Shiba Inu price faced rejection around the descending trendline (drawn by joining multiple highs since mid-December) on April 26 and declined 11% until Sunday. This trendline roughly coincides with the 100-day EMA at $0.000014, making it a key resistance zone. At the time of writing, it hovers at around $0.000012.

If SHIB continues its pullback, it could extend the correction to retest its April 16 low of $0.000011.

The RSI on the daily chart reads 48, below its neutral level of 50, indicating bearish momentum. Moreover, the MACD indicator also showed a bearish crossover on Sunday, giving a sell signal and suggesting a downward trend ahead.

Conversely, if SHIB breaks and closes above its descending trendline, it could extend its gains toward its next daily resistance at $0.000016.