DOGE, SHIB fall to lowest levels since January –

Dogecoin fell to its lowest level since January as a red wave swept through cryptocurrency markets. The Silvergate bank sell-off has impacted overall sentiment, with global cryptomarket capitalization down 3.63% at the time of writing. Shiba Inu also fell, falling to a six-week low.

Dogecoins (DOGE)

Dogecoin (DOGE) fell to a multi-month low on Friday as the sell-off based on Silvergate impacted overall market sentiment.

After hitting a high of $0.08084 on Thursday, DOGE/USD fell to an intraday low of $0.07424 today.

This sell-off propelled the meme coin to its lowest level since Jan. 9 and below a key support point in the process.

Looking at the chart, Dogecoin briefly broke out of a bottom at $0.0755, which happened as the 14-day relative strengthindex (RSI) also fell below its own support.

As of this writing, the index is hovering around 34.80, which is a historically stable floor at the 40.00 level.

Earlier declines have eased somewhat and DOGE is trading at $0.07589 at the time of writing.

Shiba Inu (SHIB)

Also, Shiba Inu (SHIB) was another meme coin trending down in today’s session, falling to a six-week low.

SHIB/USD slipped to lows of $0.00001104 on Friday after hitting Thursday’s high of $0.00001219.

As a result, Shiba Inu fell below a floor of $0.00001130, hitting its weakest point since Jan. 25.

Overall, the SHIB is down 14% over the past seven days, which has caused the RSI to fall to a two-month low.

Currently the index is trading at 38.30, which is in bearish and oversold territory and the lowest level since January 1st.

As with DOGE, bears appear to have started taking profits, prompting a slight recovery from previous lows.

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Do you expect meme coins to rally this weekend? Let us know your thoughts in the comments.

Eliman Damell

Eliman was previously a director of a London based brokerage firm while also being an onlineTrading-Teacher. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.

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