Dogecoin (CRYPTO: DOGE) dropped 5% on Monday as Shiba Inu (CRYPTO: SHIB) fell only 0.5% thanks to a massive burn spike cushioning SHIB’s decline.

DOGE Retesting 0.5 Fibonacci Support

Dogecoin pulled back to $0.1039, retesting the 0.5 Fibonacci level at $0.1037 which has acted as a pivot zone for weeks. 

Price tagged the 0.786 Fib at $0.1173 last week before sellers defended, and now it’s unwinding back to the midpoint.

Four FVGs stacked above between $0.1200–$0.1450 are the destination, created during February’s aggressive sell-off and left unfilled. 

The ascending channel from March lows remains intact, with the 20 EMA at $0.1081 and 50 EMA at $0.1038 converging right at current price as dynamic support. Moreover, support sits at $0.1037 (0.5 Fib) then $0.0981 (0.382 Fib). 

Polymarket Gives DOGE 66% Odds Of Sub-$0.10 Close

Polymarket is painting a bearish picture for the remainder of May. The prediction market gives a 66% probability that DOGE closes below $0.10 by June 1—a level it’s already brushing right now.

Only 4% odds for $0.15 and a mere 2% chance for $0.20. The crowd isn’t expecting a May recovery.

SHIB Breaks Ascending Trendline

Shiba Inu pulled back after last week’s failed breakout attempt above the resistance zone at $0.00000646, which aligns with the Supertrend level. 

The ascending trendline from March lows has been breached on the downside.

Price is retesting the $0.00000563–$0.00000588 support cluster where the Supertrend floor sits. 

Losing this level on a daily close opens the door to $0.00000540–$0.00000550. All four EMAs remain stacked bearishly overhead, forming a descending wall of resistance.

Support holds at $0.00000563–$0.00000588. Resistance sits at $0.00000640–$0.00000646. Invalidation of bears requires a strong reclaim above $0.00000650.

SHIB Burn Activity Spiked 574% In 24 Hours

SHIB burn activity surged 573.99% in the last 24 hours with 500,000 SHIB burned in the most recent transaction. 

The 7-day chart shows a massive burn surge peaking around May 15 at nearly 28 million tokens before tapering off.

Weekly burn activity is running 188.72% above baseline. While these burn numbers are relatively small against SHIB’s quadrillion-token supply, the acceleration in burn rate combined with today’s price retest of support creates a divergence from DOGE’s sharper decline.

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