As the cryptocurrency markets undergo a period of stabilization this Wednesday, meme coins are suffering noticeable setbacks, witnessing declines of up to 2%. This pullback is largely attributed to traders cashing in profits after the coins’ significant advancements earlier in the week. As of the time of this report, both Shiba Inu and Dogecoin are trading in negative territory.
Shiba Inu (SHIB)
Shiba Inu (SHIB) garnered attention as it recorded declines for a second day in a row.
The cryptocurrency reached an intraday low of $0.000006842, a noticeable decrease from its previous high of $0.000006945 observed during the prior trading session.
This downward trajectory has led SHIB towards a crucial support level situated at $0.00000670, a mark previously touched on October 12.
SHIB/USD – Daily Technical Analysis
The downturn coincides with a decline in the Relative Strength Index (RSI), which has met its own support level at the 39.00 region.
Currently, the RSI is slightly below this point, standing at 38.49. Should this downward trend persist, the coin may very well approach an even lower support level of 35.00.
This recent market activity follows Shiba Inu’s rise to a one-week high of $0.00000729 on Monday.
Similarly, Dogecoin (DOGE) also exhibited a downward movement, as it gravitated toward its own key support level.
The DOGE/USD trading pair reached a session low of $0.0588, a figure observed less than 24 hours after it peaked at $0.05961.
As was previously indicated, this constitutes Dogecoin’s second successive decline in price, pushing it toward a lower boundary at $0.0570.
DOGE/USD – Daily Technical Analysis
Contrastingly to Shiba Inu’s RSI, Dogecoin’s price strength has fallen below its stabilization point of 40.00.
The current RSI reading for Dogecoin is at 38.85, in alignment with its 10-day (red) moving average, thereby indicating a continued downtrend.
Register for Weekly Price Analysis Updates
Subscribe to our email list to receive a weekly technical analysis report and a recap of the most significant cryptocurrency news of the week.
Your thoughts are valuable to us. Do you think meme coins will persist in their decline this week? Please share your perspectives in the comments section.
Frequently Asked Questions (FAQs) about Meme Cryptocurrencies Downturn
What is the main focus of the report?
The main focus of the report is the recent downturn in meme cryptocurrencies, specifically Shiba Inu and Dogecoin, in the context of a broader cryptocurrency market stabilization.
Which cryptocurrencies are primarily discussed?
The report primarily discusses Shiba Inu (SHIB) and Dogecoin (DOGE).
What key indicators are analyzed?
The Relative Strength Index (RSI) is the key indicator analyzed for both Shiba Inu and Dogecoin, along with support levels and trading pair values such as SHIB/USD and DOGE/USD.
What are the significant support levels for Shiba Inu and Dogecoin?
For Shiba Inu, a crucial support level is identified at $0.00000670. For Dogecoin, the significant support level is mentioned as $0.0570.
What is the current trend in the RSI for these cryptocurrencies?
For Shiba Inu, the RSI is tracking slightly below 39.00, specifically at 38.49. For Dogecoin, the RSI has fallen below its stabilization point of 40.00 and currently stands at 38.85.
Was there a prior upward movement for these meme coins?
Yes, the report mentions that both Shiba Inu and Dogecoin had experienced significant gains earlier in the week before the current downturn.
How can one stay updated on future market trends?
The report encourages readers to subscribe to a weekly technical analysis report and a recap of the most significant cryptocurrency news for regular updates.
Is there a section for reader feedback?
Yes, the report concludes by inviting readers to share their perspectives on whether they believe the meme coins will continue to decline, in the comments section.
More about Meme Cryptocurrencies Downturn
- Weekly Technical Analysis Report
- Cryptocurrency Market Overview
- Understanding Relative Strength Index (RSI)
- Shiba Inu Historical Data
- Dogecoin Historical Data
- Market Stabilization Trends in Cryptocurrency
- Prior Price Movements for Meme Coins