Overview
- Following heavy liquidations tied to bitcoin’s retreat, Dogecoin and Shiba Inu each fell about 8–9 percent over June 5–6 and broke important chart supports that had guided recent rallies.
- Dogecoin dropped below its February ascending channel and a multi-year head-and-shoulders neckline, trading near $0.08 with analysts pointing to $0.067 and $0.05 as the next downside targets and noting an RSI near 20 that shows extreme short-term weakness.
- Shiba Inu confirmed a descending-triangle breakdown and sliced through near-term support, leaving visible reference floors near $0.000004575 then $0.00000400 and $0.00000300 if selling continues.
- Derivatives markets turned defensive as futures open interest fell and recent forced liquidations closed many leveraged long positions, while large exchange outflows for both tokens create mixed signals that could mean long-term holders are accumulating despite the price drops.
- A durable recovery will likely require buyers to reclaim broken structural levels on strong volume, otherwise higher volatility and further losses could pressure speculative traders and widen selling across the memecoin sector.