Dogecoin fell to its lowest level since January as a red wave hit the cryptocurrency market. The Silvergate Bank-based sell-off affected overall sentiment, with the global crypto market size down 3.63% at the time of writing. Shibaura also fell, falling to its lowest level in six weeks.
Dogecoin (DOGE)
Dogecoin (DOGE) fell to a multi-month low on Friday as Silvergate-based selling affected overall market sentiment.
After hitting a high of $0.08084 on Thursday, DOGE/USD fell to an intraday bottom of $0.07424 earlier today.
The sell-off pushed the meme coin to its lowest level since January 9, falling below a key support point in the process.
The chart shows that dogecoin temporarily broke the $0.0755 floor and the 14-day Relative Strength Index (RSI) also fell below its own support.
At the time of writing, the index is tracking at 34.80, which would be a historically stable floor at the 40.00 mark.
The earlier decline has eased somewhat, with DOGE trading at $0.07589 at the time of this writing.
Shiba Inu (SHIB)
The SHIB (SHIB) also fell to a six-week low in today’s session.
SHIB/USD fell to a bottom of $0.00001104 on Friday, following a peak of $0.00001219 on Thursday.
As a result, the SHIB fell below the $0.00001130 floor, recording its weakest point since January 25 in the process.
Overall, the SHIB has fallen 14% over the past seven days, resulting in the RSI falling to a two-month low.
The index is currently hovering at 38.30, in bearish and oversold territory, its lowest reading since January 1.
As with DOGE, it appears that the bears have begun to take profits, resulting in a slight rebound from the earlier lows.
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