Shiba Inu (SHIB)
Shiba Inu (SHIB) experienced a second consecutive day of decline on Wednesday. After reaching a high of $0.000006945 yesterday, SHIB/USD dropped to an intraday low of $0.000006842 today. This downward movement brought SHIB close to a key support level at $0.00000670, which was last touched on October 12.
The decline in SHIB’s price coincided with the relative strength index (RSI) hitting a floor at the 39.00 zone. Currently, the RSI is at 38.49 and if it continues to fall, it may reach a lower support level at 35.00. On Monday, shiba inu reached a one-week high of $0.00000729 before the sell-off on Wednesday.
Dogecoin (DOGE)
Dogecoin (DOGE) also experienced a drop in price on Wednesday and approached a key support level of its own. DOGE/USD reached a low of $0.0588 today, just one day after peaking at $0.05961. The downward movement pushed DOGE towards a floor at $0.0570.
In contrast to shiba inu’s RSI, which remained close to support, DOGE’s price strength fell below its stability point of 40.00. Currently, the index is at 38.85, aligning with the downtrend indicated by the 10-day moving average.
Hot Take: Meme Coins Experience Decline Due to Profit Taking
Meme coins like shiba inu and dogecoin have experienced a decline in price as a result of profit taking after strong gains earlier in the week. Both coins fell on Wednesday, with SHIB slipping towards a key support level and DOGE approaching its own support level. The relative strength index for SHIB reached a floor at 39.00, while DOGE’s price strength fell below its stability point of 40.00. These movements suggest that further declines may be possible in the near future.
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