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- Binance added the DOGE/USDC and SHIB/USDC to its Isolated margin.
- DOGE painted a bearish structure that could drive its price down to $0.16.
- The 0.786 Fib level on the SHIB/USD 4-hour chart showed that the price could pull back to $0.000024.
Dogecoin (DOGE) and Shiba Inu (SHIB) were part of the cryptocurrencies linked to a recent Binance announcement. On March 27, Binance revealed that assets including SHIB, DOGE, and others have gotten new trading pairs on the Cross and Isolated margin market.
For Dogecoin, the exchange noted that it had added the DOGE/USDC pair in the Isolated margin. The SHIB/USDC pair also appeared in the same market. This disclosure meant that traders could now access better options as the exchange tried to attract more liquidity to its platform.
However, the development might also affect the prices of SHIB and DOGE. Thus, Coin Edition looked at the potential impact on the price action.
Dogecoin (DOGE)
At press time, the price of Dogecoin did not react positively or negatively to the margin listing. According to CoinMarketCap, the coin changed hands at $0.18. This was around the same value as the last 24 hours.
The 4-hour DOGE/USD chart painted a bearish picture. This was because the Moving Average Convergence Divergence (MACD) was negative, indicating that momentum was downwards. If the reading of this indicator remains the same, then DOGE’s price might drop to the $0.16 underlying support.
DOGE/USD 4-Hour Chart (Source: TradingView)
On a broader view, if bulls fail to arrest the decline, DOGE might dump harder toward $0.14. However, the Relative Strength Index (RSI) remained above the neutral line. If buyers sustain this momentum then the bearish prediction might be invalidated and DOGE might sustain its hold on $0.18.
Shiba Inu (SHIB)
Unlike DOGE, Shiba Inu put up a mini show as its price jumped by 2.05% in the last 24 hours. As of this writing, SHIB’s price was $0.000030. However, SHIB presented a structure similar to Dogecoin.
At press time, the RSI reading was almost the same, indicating that buying momentum was solid. However, indications from the Fibonacci retracement, suggested that bulls might lose hold of $0.000030.
This was because the 0.786 Fib level was at $0.000024. With this position, SHIB’s price might retrace in the short term. However, the conditions might change if volatility around the token spikes.
SHIB/USD 4-Hour Chart (Source: TradingView)
If buying pressure accompanies high volatility, then SHIB might rally toward $0.000035. However, increased selling volume might drag down the price toward $0.000022.
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