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DOGE, SHIB Drop to Multi-Week Lows, Following Crypto Red Wave – Market Updates Bitcoin News

by Index Investing News
April 22, 2023
in Cryptocurrency
Reading Time: 4 mins read
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Dogecoin dropped to a multi-week low on Saturday, as a red wave continues to wash away recent crypto bulls. The meme coin dropped below a key price floor at $0.080 following today’s plunge. Shiba inu was also lower to start the weekend, falling by as much as 3%.

Dogecoin (DOGE)

Dogecoin (DOGE) moved to a three-week low to start the weekend, as bears pushed the meme coin below a key price level.

Following a high of $0.08435 on Friday, DOGE/USD dropped to a bottom at $0.07752 in today’s session.

Saturday’s decline saw DOGE fall below a long-term support point at $0.080, hitting its weakest point since April 3.

DOGE/USD – Daily Chart

From the chart, it appears that dogecoin has found a new floor at near the $0.0760 mark, which comes as the relative strength index (RSI) also consolidated.

At the time of writing this, the index is now tracking at 43.21, which is close to a support point at 42.00.

The next visible resistance level looks to be at 51.00, and should bulls begin to move towards this, DOGE will soon be back above $0.090.

Shiba Inu (SHIB)

Another meme coin in the red on Saturday was shiba inu (SHIB) which also slipped to a multi-week low.

SHIB/USD dropped to a low of $0.00001012 to start the weekend, less than 24 hours after trading at a peak of $0.00001064

This is the lowest level that shiba inu has hit since March 11, and comes following a four-day losing streak.

SHIB/USD – Daily Chart

The recent mini-bear run has now pushed the 10-day (red) moving average to the brink of a downward cross with its 25-day (blue) counterpart.

As of writing this, shiba inu continues to hover close to an area of support at the $0.00001020 level.

Price strength is also marginally above a floor of its own at 37.00.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect further declines in meme coins during the weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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