Meme coins moved lower on Jan. 19, as cryptocurrency markets plunged following recent highs. SHIB DOGE
Meme coins moved lower on Jan. 19, as cryptocurrency markets plunged following recent highs. Shiba inu, which rose to a nine-week high on Wednesday, fell by nearly 10% today. Markets have been largely overbought in the past few days, with bears seemingly reentering. Dogecoin was also in the red today.Shiba inu , which was one of Wednesday’s biggest gainers, climbing by as much as 17%, fell by over 10% today.
Thursday’s drop came as the meme coin was unable to cross a long-term resistance level at $0.00001300.Despite the relatively large drop in price, the 14-day relative strength index is still deeply overbought. Today’s low saw DOGE/USD slip to a bottom of $0.08013, which is nearly 8% lower than Wednesday’s peak.Looking at the chart, the drop saw DOGE near a key support point at $0.08000, with bulls so far resisting a breakout.
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