Dogecoin fell to its lowest level since January, when a red wave swept through cryptocurrency markets. The liquidation based on Silvergate bank has impacted general sentiment, with the global crypto market capitalization down 3.63% at the time of writing. Shiba inu also fell, dropping to a six-week low.
Dogecoin (DOGE)
Dogecoin (DOGE) fell to a multi-month low on Friday as the Silvergate-based sell-off has weighed on overall sentiment in the market.
Following a high of $0.08084 on Thursday, DOGE/USD fell to an intraday low of $0.07424 earlier today.
This selloff has brought the meme coin to its lowest point since January 9 and below a key support point in the process.
Looking at the chart, dogecoin briefly broke a floor at $0.0755, which came as the 14-day Relative Strength Index (RSI) also dipped below its own support.
At time of writing, the index sits at 34.80, which is a historically stable floor at the 40.00 mark.
Previous dips have eased a bit, and DOGE is trading at $0.07589 at the time of writing.
Shiba Inu (SHIB)
Additionally, shiba inu (SHIB) was another meme coin that turned lower in today’s session, dipping to a six-week low in the process.
SHIB/USD fell to a low of $0.00001104 on Friday, after Thursday’s high of $0.00001219.
As a result, the shiba inu fell below a floor of $0.00001130, hitting its weakest point since January 25 in the process.
Overall, SHIB is down 14% over the past seven days, causing the RSI to drop to a two-month low.
The index currently sits at 38.30, which is in bearish and oversold territory, and is its lowest reading since January 1.
As with DOGE, the bears have apparently started to take profits, resulting in a slight rally from the previous lows.
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Do you expect meme coins to rally this weekend? Let us know your thoughts in the comments.
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