Shiba Inu (SHIB)
Shiba Inu (SHIB) experienced a significant drop to start the week, as tensions in the Middle East caused market instability. The price of SHIB/USD fell to an intraday low of $0.000006894 on Monday, just one day after reaching a peak of $0.000007221. This decline marks the lowest point for the meme coin since June 16, when it last dropped below $0.00000690.
The relative strength index (RSI) also dropped below its support level at 37.00. Currently, the RSI is at 34.90 and is heading towards the 30.00 region. If it falls below this point, SHIB will enter the oversold zone, potentially prompting buyers to step in and take advantage of the dip.
XRP
XRP, formerly known as Ripple, also experienced a notable decline on Monday with a drop of over 4% in today’s session. After reaching a high of $0.5218 on Sunday, XRP/USD plummeted to a low of $0.4975 earlier in the day, marking its weakest point since September 18.
The RSI for XRP retreated towards its support level at 43.00 for the first time in three weeks. Currently, the RSI is at 43.60 and XRP is trading at $0.5014 after a three-day losing streak. If the RSI falls below 43.00, XRP is likely to drop below $0.5000 in the coming days.
Hot Take: Shiba Inu and XRP Decline Amid Market Instability
Shiba Inu (SHIB) and XRP both experienced significant declines in today’s session as market volatility increased. The drop in SHIB came as tensions in the Middle East caused investors to move away from high-risk assets and towards safe-havens like gold. XRP’s decline can be attributed to a retreat in the RSI, signaling a potential weakening of bullish momentum. Both cryptocurrencies reached multi-month lows, indicating a challenging period for these assets. As market conditions remain uncertain, it will be interesting to see how these coins perform in the upcoming days.
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