Dogecoin and Shiba Inu were hit hard as Bitcoin drifted toward the $60,000 mark, with both memecoins losing about 9%. Selling was concentrated in the most speculative parts of the crypto market, a sign that traders were cutting risk quickly as broader sentiment weakened. Liquidations spread across altcoins and memecoins, while derivatives traders shifted into a more defensive stance.
Breakdowns put key support zones in focus
DOGE fell from $0.0891 to $0.0830, breaking below the ascending channel that had guided price action since February. That technical failure stands out more than the percentage drop itself. The structure had held for roughly four months, and the loss of that channel now puts attention on lower support near $0.067.
SHIB dropped from $0.000004997 to $0.000004630 and sliced through support around $0.000004780 under heavy selling pressure. Its chart remains weaker than DOGE’s, with the token still trading below major moving averages and continuing to print lower highs and lower lows.
Open interest weakens as sellers control the session
Derivatives data points to reduced risk appetite. DOGE futures open interest declined, while SHIB open interest stayed near cycle lows, showing traders were trimming exposure instead of leaning into a rebound. Volume spikes were strongest during the breakdowns rather than during recovery attempts. That matters. It suggests sellers controlled the session from start to finish.
At the same time, both tokens recorded sizable exchange outflows, a pattern that is often read as accumulation. In this case, those outflows did not support price. The disconnect suggests traders were paying closer attention to macro pressure and short-term momentum than to longer-term accumulation signals.
Oversold readings emerge, but no solid reversal yet
Momentum indicators are starting to show oversold conditions across both assets, but neither DOGE nor SHIB has produced convincing evidence of a durable turn. For DOGE, the key level is $0.0819. A clear break below it would strengthen the case for a move toward $0.067. For SHIB, support sits near $0.000004575, and losing that level would expose the next downside zone around $0.000004500.
Any rebound would also run into nearby resistance. DOGE faces immediate overhead pressure at $0.0883, while SHIB would need to reclaim $0.000004780. Both were former support levels and now act as supply zones above the market. Until buyers reclaim those areas, price action remains tilted to the downside.