The most significant price movements in the cryptocurrency market during the recent trading session featured Dogecoin (DOGE) and Shiba Inu (SHIB), both experiencing declines for the second consecutive session.
Dogecoin, often referred to as a meme coin, saw a decline of 3% on Tuesday as bearish sentiment returned to the cryptocurrency markets. DOGE/USD reached a low point of $0.06163 earlier in the day, following a high of $0.06329 from the previous day. This decline was attributed to the meme coin’s inability to surpass a crucial resistance level at $0.0640.
Analyzing the daily chart, it becomes evident that the downward pressure intensified after the relative strength index (RSI) dropped below a critical support level at 47.00. Currently, the RSI stands at 44.37, and if it continues its descent, it could approach the 40.00 mark, potentially leading to Dogecoin trading below the $0.06000 region.
Shiba Inu (SHIB) also experienced a decline on the same day, with prices nearing a significant support level. After reaching a high of $0.000007479, SHIB/USD declined to a low of $0.000007258 during the trading session. While SHIB has not yet reached the $0.00000710 price floor, its RSI has encountered support at the 43.00 mark. Presently, the RSI is slightly below this level at 42.88. If this downward trend persists, it is highly likely that Shiba Inu will reach the $0.00000710 level in the coming days.
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As for the question of whether meme coins will experience a rebound this week, it remains uncertain and subject to market dynamics. Cryptocurrency markets are known for their volatility, and various factors can influence price movements. Traders and investors should carefully monitor market trends and news to make informed decisions.
Please note that this analysis is based on the current market conditions and may not constitute financial advice.
Frequently Asked Questions (FAQs) about Cryptocurrency Declines
What caused Dogecoin’s decline in price?
Dogecoin’s decline in price can be attributed to bearish sentiment returning to the cryptocurrency markets. It failed to break a key resistance level at $0.0640.
Why did Shiba Inu also experience a decline in its price?
Shiba Inu’s price decline was due to market dynamics as it approached a crucial support level. Its RSI also dropped, indicating increased selling pressure.
Is there a possibility of a rebound for meme coins like DOGE and SHIB?
The potential for a rebound in meme coins like DOGE and SHIB is uncertain and subject to market conditions. Traders should monitor market trends and news for informed decisions.
More about Cryptocurrency Declines
- Dogecoin Price Analysis
- Shiba Inu Price Trends
- Cryptocurrency Market Updates
- Understanding Relative Strength Index (RSI)
- Cryptocurrency News
- Meme Coins
- Market Analysis and Predictions