Dogecoin has been rising inside an ascending parallel channel since June 14. The up move reached the resistance line of this channel, reaching as high as $0.089. However, the price was rejected and has been dropping ever since. Also, DOGE declined below the $0.077 area, which is expected to provide support. Now the region has passed into resistance. Also, while the price bounced off the support line of the channel, it failed to reach the $0.077 area (red icon) and smashed after a slight bounce. This is considered a sign of weakness as DOGE failed to initiate a significant pullback. The legitimacy of the decline is strengthened by the daily RSI move below 50, which again broke from an ascending support line. Both of these are seen as signs of a downtrend. Therefore, the most likely scenario would be for DOGE to drop to the $0.053 support and potentially go even lower.

Similar to DOGE, SHIB has been trading inside an ascending parallel channel since June 18. The movement inside the channel rose as high as $0.0000018 on August 14. This confirmed both the resistance line of the channel and the horizontal resistance area of ​​$0.0000175 (red icon). However, SHIB has since been dropping and left the channel on August 26. Currently, SHIB is still trading above the $0.000012 area. So this gives legitimacy to the breakout and indicates that lower prices are in store.

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Good news for DOGE and SHIB from the cryptocurrency exchange

Indian crypto exchange Bitbns has announced that it now allows users to trade futures in Shiba Inu (SHIB), Dogecoin (DOGE), and XRP. The exchange also offers trading in a number of other cryptocurrencies, including Solana (SOL), Ethereum (ETH), Cardano (ADA), Polygon (MATIC), and BNS tokens via Tether (USDT) margin perpetual swaps and is much lower compared to spot trading. It charges a 0.1 percent transaction fee. The cryptocurrency exchange also stated that there are no tax deductions at source (TDS) on futures. Bitbns exchange launched its futures platform in early July. Built on the margin trading system introduced four years ago, users can trade with up to 10 times leverage.