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