Biggest Movers: DOGE, SHIB Fall to Lowest Levels Since January
Dogecoin dropped to its lowest level since January, as a red wave swept through cryptocurrency markets. The Silvergate bank based sell-off has impacted overall sentiment, with the global crypto market cap down 3.63% as of writing. Shiba inu also dropped, falling to a six-week low. Dogecoin (DOGE)
Dogecoin (DOGE) dropped to a multi-month low on Friday, as the Silvergate based sell-off has impacted overall sentiment in the marketplace.
Following a high of $0.08084 on Thursday, DOGE/USD fell to an intraday bottom at $0.07424 earlier today.
This sell-off has pushed the meme coin to its lowest point since January 9, and below a key support point in the process. DOGE/USD – Daily Chart
Looking at the chart, dogecoin briefly broke out of a floor at $0.0755, which came as the 14-day relative strength index (RSI) also fell below its own support.
As of writing, the index is tracking at 34.80, which is a historically stable floor at the 40.00 mark.
Earlier declines have somewhat eased, and DOGE is trading at $0.07589 at the time of writing. Shiba Inu (SHIB)
Additionally, shiba inu (SHIB) was another meme coin to edge lower in today’s session, falling to a six-week low in the process.
SHIB/USD slipped to a bottom at $0.00001104 on Friday, following Thursday’s peak at $0.00001219.
As a result, shiba inu fell below a floor at $0.00001130, hitting its weakest point since January 25 in the process. SHIB/USD – Daily Chart
Overall, SHIB is down 14% in the last seven days, which has resulted in the RSI falling to a two-month low.
Currently, the index is tracking at 38.30, which is in bearish and oversold territory, and is its lowest reading since January 1.
Like with DOGE, bears have seemingly begun taking profits, which has resulted in a slight rebound from earlier lows.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, dogecoin, Meme Coin, Price, shiba inu
Do you expect meme coins to rebound this weekend? Let us know your thoughts in the comments. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit Multi-Week Low, as Silvergate Uncertainty Spooks Markets MARKET UPDATES | 10 hours ago Biggest Movers: ADA Hits Multi-Week Low, as Red Wave Hits Crypto Markets MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEbb and Flow of Stablecoin Economy Continues With BUSD’s Market Cap Dropping Below $10 Billion Range Next articleBitcoin’s Price Drop Causes Over $200 Million in Long Liquidations Across Crypto Derivative Exchanges Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Iran to Increase Penalties for Unauthorized Cryptocurrency Mining