Biggest movers: meme coins move down, with SHIB down 10%
Shiba Inu (SHIB), was one of the biggest gainers on Wednesday which went up to 17% and also fell more than 10% today. After a high at $0.00001295 in yesterday’s session, SHIB/USD fell to a low of $0.00001097 earlier today. Thursday’s decline was recorded as meme coin was unable to overcome a long-term resistance level at $0.00001300 and the 14-day Relative Strength Index is still in the overbought zone, despite a larger drop in price. Till the time of writing, the index is running on a track of 80.22 and which is close to the high limit of 82.00 mark.
SHIB has managed to recover somewhat from the earlier decline and is currently trading at $0.00001114. Like Shiba Inu, Dogecoin (DOGE) was also seen in a downtrend on Thursday and recorded its fifth day in a row in price decline. After climbing to a 1-month high on Saturday, Meme Coin has moved down in consecutive sessions.
If we look at the low of DOGE/USD in today’s session, it fell to a low of $0.08013, which appears to be down almost 8% from Wednesday’s high, and looking at the chart, we find This decline saw the coin move towards the key support point of $0.08000, which the bulls are still resisting the breakout from. The recent decline has taken the price significantly lower and has moved from a reading above 70.00 on Saturday to 52.35. Looking at the indicators of the Relative Strength Index, we can understand that the 50.00 mark seems to be a permanent support point, while if it does not hold, the Dog Coin bears can certainly increase the downward pressure.