Meme Coins Slip: SHIB and DOGE Down 10% and 8% Respectively

20. Januar 2023

• Meme coins moved lower on Jan. 19, with Shiba Inu (SHIB) declining by 10% and Dogecoin (DOGE) slipping for a fifth straight day.
• SHIB/USD dropped from a nine-week high to an intraday low of $0.00001097, while DOGE/USD fell to a bottom of $0.08013.
• The 14-day relative strength index (RSI) for SHIB is still deeply overbought, while DOGE is close to a key support point at $0.08000.

On January 19th, the cryptocurrency markets took a dive, and meme coins were no exception. Shiba Inu (SHIB) and Dogecoin (DOGE) were two of the biggest movers in the markets, declining by 10% and 8% respectively.

Shiba Inu (SHIB) had reached a nine-week high, peaking at $0.00001295 in yesterday’s session. However, the meme coin was unable to cross the long-term resistance level of $0.00001300, and dropped to an intraday low of $0.00001097. Despite the relatively large drop in price, the 14-day relative strength index (RSI) for SHIB is still deeply overbought, currently tracking at a level of 80.22, which is close to a ceiling at the 82.00 mark. SHIB has somewhat rebounded from earlier declines, and is currently trading at $0.00001114.

Dogecoin (DOGE) also declined on Thursday, dropping for a fifth consecutive day. DOGE/USD had reached a one-month high of Saturday, but today saw the meme coin slip to a bottom of $0.08013. This move has pushed price strength significantly lower, moving from a reading above 70.00 on Saturday, to 52.35 as of writing. The 50.00 mark on the RSI indicator seems to be a sustainable support point, however, should this fail to hold, DOGE bears will likely intensify their efforts.

Overall, it appears that meme coins are still feeling the effects of the market downturn, as bears seem to be re-entering the markets. As such, further declines could be on the horizon, unless bulls are able to push prices back up.