Shiba Inu saw a decline for the fifth day in a row on Thursday, causing the popular meme cryptocurrency to plummet to its lowest value in 13 days. Ever since reaching a peak that lasted for four months last Saturday, SHIB has found it challenging to maintain a solid support level. Meanwhile, Solana successfully reversed a recent trend of losses.
Shiba Inu (SHIB)
Shiba Inu (SHIB) experienced a noticeable dip on Thursday, marking the meme cryptocurrency’s fifth successive day of decrease.
SHIB/USD reached a trough at $0.000008543 in the session earlier today, a sharp drop from its previous day’s peak of $0.000009854.
This downturn led SHIB to its weakest point since August 4, when it traded at a mere $0.00000827.
SHIB/USD – Daily Chart
This latest decrease occurred as the 14-day relative strength index (RSI) slid under the support level of 50.00.
At the moment, the index is positioned at 44.31, targeting a potential low of 39.00 next.
Contrastingly, Solana (SOL) showed a positive trend in today’s trading, breaking free from a two-day series of losses.
After touching a low of $22.49 on Wednesday, SOL/USD surged to an intraday peak of $23.58 earlier in the current session.
SOL/USD – Daily Chart
However, the market continues to exhibit a significant degree of uncertainty, with price strength lingering near a crucial support level at 44.00.
If a breakout occurs from this level, SOL’s price might fall below $22.00.
Frequently Asked Questions (FAQs) about Cryptocurrency Market Analysis
What caused SHIB to reach a 13-day low?
Shiba Inu’s continuous decline over five days led to its drop to a 13-day low, following its struggle to maintain a firm support level since hitting a four-month high.
How did Solana (SOL) break its losing streak?
Solana (SOL) rebounded and broke a two-day losing streak by regaining bullish momentum and surpassing its recent support level at $22.50.
What factors influenced SHIB’s decline?
The decline in SHIB’s price was influenced by factors including the 14-day relative strength index (RSI) falling below 50.00 and a recent drop in its trading value.
What indicators suggest potential price movements for SHIB and SOL?
For SHIB, the 14-day RSI hovering around 44.31 could indicate further decline towards 39.00. For SOL, a positive crossover between the 10-day and 25-day moving averages signals upward momentum.
How might the cryptocurrency market evolve?
The market’s dynamics are uncertain, with SHIB facing potential trading below $0.000008000 and SOL facing the possibility of dropping below $22.00 if certain support levels are breached.