Dogecoin was a notable mover on Tuesday, as the meme coin extended recent declines after a failed move beyond a key resistance level. The drops came as the wider crypto market cap also slipped. It is trading 2.87% lower as of writing. Shiba inu also edged lower in today’s session.
Dogecoin (DOGE) fell by as much as 3% on Tuesday, as bearish sentiment returned to cryptocurrency markets.
DOGE/USD dropped to a low of $0.06163 earlier in the day, following a high of $0.06329 the day prior.
The decline came as the meme coin failed to move beyond a key resistance level at the $0.0640 level.
From the chart, it appears that the downward pressure came after the relative strength index (RSI) slipped below a floor at 47.00.
At the time of writing, the index is tracking at a reading of 44.37, with the 40.00 mark a potential target for sellers.
Should this point be hit, there is a strong possibility that dogecoin will be trading below the $0.06000 region.
Shiba Inu (SHIB)
In addition to DOGE, shiba inu (SHIB) also edged lower today, as prices approached a key support point.
Following a high at $0.000007479, SHIB/USD declined to a bottom at $0.000007258 earlier in today’s session.
As a result of this surge, the world’s second largest meme coin closed in on a price floor at the $0.00000710 level.
Whilst SHIB has not hit this point yet, the RSI has collided with a floor of its own at the 43.00 mark.
Currently, the index is tracking marginally below this point at 42.88, however should this downward trend continue, SHIB will almost certainly hit $0.00000710 in the coming days.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect meme coins to rebound this week? Let us know your thoughts in the comments.