Recent trading sessions have seen Dogecoin (DOGE) and Shiba Inu (SHIB) posting more than 15% losses since March 14, aligning with a downturn in Bitcoin (BTC) which failed to maintain the $70k support level.

This shift suggests an impending bearish trend, though the long-term outlook for these meme-based cryptocurrencies still hints at bullish potential. However, the market might be bracing for an extended period of consolidation in the weeks or months ahead.

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Potential for Further Declines in Meme Coin Values

Dogecoin's Market Analysis

On the 12-hour chart, Dogecoin has managed to hold above the $0.159 support level throughout the past week, maintaining a bullish market structure. However, this stance is contingent on prices staying above the $0.126 threshold. 

Despite this, the Relative Strength Index (RSI) has been decreasing over the last ten days, nearing the neutral 50 mark, indicating a possible momentum shift towards bearish dominance. Additionally, a slight decrease observed in the On-Balance Volume (OBV) this March doesn't necessarily point to a trend reversal yet.

Key Fibonacci retracement levels at $0.1085, $0.129, and $0.144 could serve as potential buying opportunities if retested. Nevertheless, investors should remain cautious of a potential lengthy consolidation phase following DOGE's recent significant gains.

Shiba Inu's Trading Analysis

Shiba Inu's situation mirrors Dogecoin's, with fading interest yet no clear dominance by sellers. The RSI on the 12-hour chart hovered around 48, suggesting that a break below the $0.0000255 level could bearishly alter the market structure on shorter timeframes, potentially driving SHIB towards the 61.8%-78.6% Fibonacci retracement levels. However, the OBV's stability offers a glimmer of hope for bulls.

Investors might find a bullish stance on SHIB over longer timeframes advisable, although a deep pullback could unveil attractive buying points. Assessing lower timeframes could further clarify when bullish momentum might resume.

Increased On-Chain Selling Activity

Significant on-chain movements were noted in early March for both SHIB and DOGE, indicative of heightened selling pressure likely from profit-taking activities. Despite this, DOGE's weighted sentiment has remained largely positive, whereas Shiba Inu has seen more neutral reactions across social platforms.

Price Impact and Forecast

The late February surge—382% for SHIB and 145% for DOGE—highlighted the dynamic potential of these meme coins. However, the recent on-chain activity underscores the importance of vigilance among investors as the market navigates through this uncertain phase.

As Dogecoin and Shiba Inu brace for potential further declines, the community remains watchful, hoping for signs of bullish recovery amidst the evolving crypto landscape.

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