Skip to main content

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

Meme coins moved lower on Jan. 19, as cryptocurrency markets plunged following recent highs. Shiba inu, which rose to a nine-week high on Wednesday, fell by nearly 10% today. Markets have been largely overbought in the past few days, with bears seemingly reentering. Dogecoin was also in the red today.

Shiba Inu (SHIB)

Shiba inu (SHIB), which was one of Wednesday’s biggest gainers, climbing by as much as 17%, fell by over 10% today.

Following a high of $0.00001295 in yesterday’s session, SHIB/USD dropped to an intraday low of $0.00001097 earlier today.

Thursday’s drop came as the meme coin was unable to cross a long-term resistance level at $0.00001300.

Despite the relatively large drop in price, the 14-day relative strength index (RSI) is still deeply overbought.

As of writing, the index is tracking at a level of 80.22, which is close to a ceiling at the 82.00 mark.

SHIB has somewhat rebounded from earlier declines, and is currently trading at $0.00001114.

Dogecoin (DOGE)

Like Shiba inu, Dogecoin (DOGE) also declined on Thursday, with prices falling for a fifth straight day.

Since rising to a one-month high on Saturday, the meme coin has moved lower in consecutive sessions.

Today’s low saw DOGE/USD slip to a bottom of $0.08013, which is nearly 8% lower than Wednesday’s peak.

Looking at the chart, the drop saw DOGE near a key support point at $0.08000, with bulls so far resisting a breakout.

Recent decline has pushed price strength significantly lower, moving from a reading above 70.00 on Saturday, to 52.35 as of writing.

The 50.00 mark on the RSI indicator seems to be a sustainable support point, however, should this fail to hold, DOGE bears will likely intensify downward pressure.

Register your email here to get weekly price analysis updates sent to your inbox:

Will we see meme coins rebound as we head towards the end of the week? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/sTjgky3
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more