Shiba inu was in the red to start the week, with prices falling to a 20-day low on Monday. The meme coin has now moved lower for four straight sessions, with the latest decline seeing price move below a key support point. Dogecoin was also down, hitting a two-week low earlier today.
Shiba Inu (SHIB)
Shiba inu (SHIB) was down on Monday, as the meme coin moved to its lowest point in the past 20 days.
Following a high of $0.000009282, SHIB/USD was down by nearly 5% today, hitting a low of $0.000008794 in the process.
This bottom is the lowest point that SHIB has traded at since November 22, when the token was at a low of $0.00000817.
SHIB/USD – Daily Chart
As can be seen from the chart, the move comes as shiba inu broke out of a floor at the $0.00000885 mark.
The 14-day relative strength index (RSI) also fell, dropping below a floor at the 43.70 level in the process.
Should this bearish momentum continue, we could see SHIB sellers attempt to recapture the low last seen on November 22.
Dogecoin (DOGE) also remained in the red to start the week, as it also declined for a fourth straight day.
DOGE/USD declined to an intraday low of $0.08729 on Monday, less than 24 hours after hitting a high of $0.09682.
As a result of this decline, which saw DOGE drop by nearly 10%, the token hit its lowest point since November 25.
DOGE/USD – Daily Chart
Looking at the chart, bearish momentum has recently intensified following a drop below a floor of 48.00 on the RSI.
The 10-day (red) moving average also appears to be heading towards its 25-day (blue) counterpart, with a downward cross looking inevitable.
Should this crossover take place, it is likely that DOGE will move even lower, with a floor of $0.080 a possible destination.
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Do you expect dogecoin prices to fall further this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com
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