Dogecoin fell to a multi-week low on Saturday, as the red wave continued to unseat cryptocurrency bulls recently. The meme coin fell below a key price floor at $0.080 after today’s decline. Shiba inu was also down at the start of the weekend, dropping as much as 3%.
Dogecoin (DOGE)
Dogecoin (DOGE) moved to a three-week low to start the weekend, as bears pushed the meme coin below a key price level.
After a rally of $0.08435 on Friday, DOGE/USD bottomed at $0.07752 in today’s session.
Saturday’s decline saw DOGE drop below a long-term support point at $0.080, marking its weakest point since April 3.
From the chart, it appears that dogecoin has found a new floor near the $0.0760 mark, which comes as the Relative Strength Index (RSI) is consolidating as well.
At the time of writing, the index is now tracking at 43.21, which is close to a point of support at 42.00.
The next visible resistance level appears to be at 51.00, and if the bulls start moving towards this, DOGE will soon be back above $0.090.
Shiba Inu (sheep)
The other meme coin in the red on Saturday was the shiba inu (SHIB) which also fell to a multi-week low.
SHIB/USD fell to a low of $0.00001012 to start the weekend, after less than 24 hours of trading at a peak of $0.00001064.
This is the lowest the shiba inu has reached since March 11, and follows a four-day losing streak.
The recent decline of the small bear has pushed the 10-day moving average (red) to the brink of a bearish crossover with its 25-day moving average (blue).
As of writing this article, the shiba inu continues to hover near the $0.00001020 support area.
Price strength is also marginally higher above its own floor at 37.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you anticipate further drops in meme coins over the weekend? Let us know your thoughts in the comments.
Image credits: shutterstock, pixabay, wikicommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.