Meme cash moved decrease on Jan. 19, as cryptocurrency markets plunged following current highs. Shiba inu, which rose to a nine-week excessive on Wednesday, fell by practically 10% in the present day. Markets have been largely overbought prior to now few days, with bears seemingly reentering. Dogecoin was additionally within the crimson in the present day.
Shiba Inu (SHIB)
Shiba inu (SHIB), which was considered one of Wednesday’s largest gainers, climbing by as a lot as 17%, fell by over 10% in the present day.
Following a excessive of $0.00001295 in yesterday’s session, SHIB/USD dropped to an intraday low of $0.00001097 earlier in the present day.
Thursday’s drop got here because the meme coin was unable to cross a long-term resistance stage at $0.00001300.
Regardless of the comparatively giant drop in worth, the 14-day relative energy index (RSI) remains to be deeply overbought.
As of writing, the index is monitoring at a stage of 80.22, which is near a ceiling on the 82.00 mark.
SHIB has considerably rebounded from earlier declines, and is at present buying and selling at $0.00001114.
Dogecoin (DOGE)
Like Shiba inu, Dogecoin (DOGE) additionally declined on Thursday, with costs falling for a fifth straight day.
Since rising to a one-month excessive on Saturday, the meme coin has moved decrease in consecutive periods.
As we speak’s low noticed DOGE/USD slip to a backside of $0.08013, which is sort of 8% decrease than Wednesday’s peak.
Wanting on the chart, the drop noticed DOGE close to a key assist level at $0.08000, with bulls up to now resisting a breakout.
Current decline has pushed worth energy considerably decrease, transferring from a studying above 70.00 on Saturday, to 52.35 as of writing.
The 50.00 mark on the RSI indicator appears to be a sustainable assist level, nevertheless, ought to this fail to carry, DOGE bears will doubtless intensify downward strain.
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