Biggest Movers: Meme Coins Move Lower, With SHIB Declining by 10%

Meme coins moved little connected Jan. 19, arsenic cryptocurrency markets plunged pursuing caller highs. Shiba inu, which roseate to a nine-week precocious connected Wednesday, fell by astir 10% today. Markets person been mostly overbought successful the past fewer days, with bears seemingly reentering. Dogecoin was besides successful the reddish today.

Shiba Inu (SHIB)

Shiba inu (SHIB), which was 1 of Wednesday’s biggest gainers, climbing by arsenic overmuch arsenic 17%, fell by implicit 10% today.

Following a precocious of $0.00001295 successful yesterday’s session, SHIB/USD dropped to an intraday debased of $0.00001097 earlier today.

Thursday’s driblet came arsenic the meme coin was incapable to transverse a semipermanent absorption level astatine $0.00001300.

SHIB/USD – Daily Chart

Despite the comparatively ample driblet successful price, the 14-day comparative spot scale (RSI) is inactive profoundly overbought.

As of writing, the scale is tracking astatine a level of 80.22, which is adjacent to a ceiling astatine the 82.00 mark.

SHIB has somewhat rebounded from earlier declines, and is presently trading astatine $0.00001114.

Dogecoin (DOGE)

Like Shiba inu, Dogecoin (DOGE) besides declined connected Thursday, with prices falling for a 5th consecutive day.

Since rising to a one-month precocious connected Saturday, the meme coin has moved little successful consecutive sessions.

Today’s debased saw DOGE/USD gaffe to a bottommost of $0.08013, which is astir 8% little than Wednesday’s peak.

DOGE/USD – Daily Chart

Looking astatine the chart, the driblet saw DOGE adjacent a cardinal enactment constituent astatine $0.08000, with bulls truthful acold resisting a breakout.

Recent diminution has pushed terms spot importantly lower, moving from a speechmaking supra 70.00 connected Saturday, to 52.35 arsenic of writing.

The 50.00 people connected the RSI indicator seems to beryllium a sustainable enactment point, however, should this neglect to hold, DOGE bears volition apt intensify downward pressure.

Register your email present to get play terms investigation updates sent to your inbox:

Will we spot meme coins rebound arsenic we caput towards the extremity of the week? Let america cognize your thoughts successful the comments.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.