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.
now it is up.
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