{"id":16660,"date":"2023-01-20T02:01:45","date_gmt":"2023-01-20T02:01:45","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/meme-coins-move-lower-with-shib-declining-by-10-market-updates-bitcoin-news\/"},"modified":"2023-01-20T02:01:45","modified_gmt":"2023-01-20T02:01:45","slug":"meme-coins-move-lower-with-shib-declining-by-10-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/meme-coins-move-lower-with-shib-declining-by-10-market-updates-bitcoin-news\/","title":{"rendered":"Meme Coins Move Lower, With SHIB Declining by 10% \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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.<\/strong><\/p>\n

Shiba Inu (SHIB)<\/h2>\n

Shiba inu (SHIB), which was one of Wednesday\u2019s biggest gainers, climbing by as much as 17%, fell by over 10% today.<\/p>\n

Following a high of $0.00001295 in yesterday\u2019s session, SHIB\/USD dropped to an intraday low of $0.00001097 earlier today.<\/p>\n

Thursday\u2019s drop came as the meme coin was unable to cross a long-term resistance level at $0.00001300.<\/p>\n

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SHIB\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Despite the relatively large drop in price, the 14-day relative strength index (RSI) is still deeply overbought.<\/p>\n

As of writing, the index is tracking at a level of 80.22, which is close to a ceiling at the 82.00 mark.<\/p>\n

SHIB has somewhat rebounded from earlier declines, and is currently trading at $0.00001114.<\/p>\n

Dogecoin (DOGE)<\/h2>\n

Like Shiba inu, Dogecoin (DOGE) also declined on Thursday, with prices falling for a fifth straight day.<\/p>\n

Since rising to a one-month high on Saturday, the meme coin has moved lower in consecutive sessions.<\/p>\n

Today\u2019s low saw DOGE\/USD slip to a bottom of $0.08013, which is nearly 8% lower than Wednesday\u2019s peak.<\/p>\n

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DOGE\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, the drop saw DOGE near a key support point at $0.08000, with bulls so far resisting a breakout.<\/p>\n

Recent decline has pushed price strength significantly lower, moving from a reading above 70.00 on Saturday, to 52.35 as of writing.<\/p>\n

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.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Will we see meme coins rebound as we head towards the end of the week? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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