Meme coins were one of the biggest casualties of Wednesday’s price consolidation, falling by as much as 2% in today’s session. The decline comes as a result of profit taking, following strong gains to start the week. Shiba inu and dogecoin remain in the red, as of writing.
Shiba Inu (SHIB)
Shiba inu (SHIB) was a notable mover on Wednesday, as the meme coin fell for a second consecutive day.
Following a high of $0.000006945 during yesterday’s session, SHIB/USD slipped to an intraday low at $0.000006842 earlier today.
The move saw SHIB drop towards a key support level of $0.00000670, which was last hit on October 12.
This decline comes as the relative strength index (RSI) collided with a floor of its own, at the 39.00 zone.
At the time of writing, price strength is tracking marginally below this point at 38.49, and should it continue to fall, could be heading to a lower support level of 35.00.
Wednesday’s sell-off comes after shiba inu rose to one week high of $0.00000729 on Monday.
Dogecoin (DOGE)
Dogecoin (DOGE) also dropped lower on hump-day, as it moved closer to a key support level of its own.
DOGE/USD hit a bottom of $0.0588 during today’s session, less than 24 hours after peaking at the $0.05961 point.
As referenced earlier, the move, which is also the second consecutive drop in price for DOGE, pushed it towards a floor at $0.0570.
Unlike with shiba inu’s RSI, which was still hovering close to support, price strength on dogecoin fell under its point of stability of 40.00.
Currently, the index is at a reading of 38.85, which coincides with the 10-day (red) moving average extending a downtrend.
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Will meme coins continue to decline this week? Let us know your thoughts in the comments.
Source: Bitcoin
