Sunday, 23 April 2023

Biggest Movers: DOGE, SHIB Drop to Multi-Week Lows, Following Crypto Red Wave

by Earn Media

Biggest Movers: DOGE, SHIB Drop to Multi-Week Lows, Following Crypto Red Wave

Dogecoin dropped to a multi-week low on Saturday, as a red wave continues to wash away recent crypto bulls. The meme coin dropped below a key price floor at $0.080 following today’s plunge. Shiba inu was also lower to start the weekend, falling by as much as 3%.

Dogecoin (DOGE)

Dogecoin (DOGE) moved to a three-week low to start the weekend, as bears pushed the meme coin below a key price level.

Following a high of $0.08435 on Friday, DOGE/USD dropped to a bottom at $0.07752 in today’s session.

Saturday’s decline saw DOGE fall below a long-term support point at $0.080, hitting its weakest point since April 3.

From the chart, it appears that dogecoin has found a new floor at near the $0.0760 mark, which comes as the relative strength index (RSI) also consolidated.

At the time of writing this, the index is now tracking at 43.21, which is close to a support point at 42.00.

The next visible resistance level looks to be at 51.00, and should bulls begin to move towards this, DOGE will soon be back above $0.090.

Shiba Inu (SHIB)

Another meme coin in the red on Saturday was shiba inu (SHIB) which also slipped to a multi-week low.

SHIB/USD dropped to a low of $0.00001012 to start the weekend, less than 24 hours after trading at a peak of $0.00001064

This is the lowest level that shiba inu has hit since March 11, and comes following a four-day losing streak.

The recent mini-bear run has now pushed the 10-day (red) moving average to the brink of a downward cross with its 25-day (blue) counterpart.

As of writing this, shiba inu continues to hover close to an area of support at the $0.00001020 level.

Price strength is also marginally above a floor of its own at 37.00.

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Do you expect further declines in meme coins during the weekend? Let us know your thoughts in the comments.