Meme coins moved lower on Jan. 19 as cryptocurrency markets tumbled off recent highs. Shiba inu, which rose to a nine-week high on Wednesday, fell nearly 10% today. The markets have been largely overbought over the past few days, and the bears have apparently re-entered. Dogecoin was also in the red today.
Shiba Inu (SHIB)
Shiba inu (SHIB), which was one of the biggest gainers on Wednesday, rising as much as 17%, was down more than 10% today.
Following a high of $0.00001295 in yesterday’s session, SHIB/USD fell to an intraday low of $0.00001097 today.
Thursday’s drop came as the meme coin failed to cross a long-term resistance level of $0.00001300.
Despite the relatively large price drop, the 14-day RSI is still deeply overbought.
At time of writing, the index is sitting at the 80.22 level, which is close to a top at the 82.00 mark.
SHIB has recovered a bit from previous declines and is currently trading at $0.00001114.
Dogecoin (DOGE)
Like Shiba inu, Dogecoin (DOGE) also declined on Thursday, with prices falling for the fifth day in a row.
Since reaching a one-month high on Saturday, the meme coin has moved lower in consecutive sessions.
Today’s low saw DOGE/USD drop to a bottom of $0.08013, which is almost 8% lower than Wednesday’s high.
Looking at the chart, the dip saw DOGE near a key support point at $0.08000, with bulls thus far holding out for a breakout.
The recent decline has pushed price strength significantly lower, from a reading above 70.00 on Saturday to 52.35 at time of writing.
The 50.00 mark on the RSI indicator appears to be a sustainable support point, however if this does not hold then DOGE bears are likely to intensify the downside pressure.
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Will we see a bounce from the meme coins as we get closer to the end of the week? Let us know your thoughts in the comments.
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