As traders started to take profits after last week’s gains, Dogecoin declined by about 3% on Monday. With the global market cap down 0.64% as of this writing, cryptocurrency prices have generally stabilized to start the week. Another coin that fell today was the Shiba Inu.
Dogecoin (DOGE)
As traders appeared to have locked in profits after a recent bull run, Dogecoin (DOGE) went down to start the week.
Last Thursday, DOGE/USD reached a two-week high of $0.0704, but since then, it has seen back-to-back drops.
The meme coin’s most recent decline sent it to its lowest intraday level since Saturday, $0.06557.
When examining the chart, it is clear that today’s sell-off occurred after the relative strength index (RSI) broke out of a support level at 50.70.
The index is currently tracking at 48.55 after the fall, with the 46.00 level being the next discernible floor.
In the case that this level is broken, there is a good risk that DOGE will go below $0.0640.
Shiba Inu (SHIB)
Shiba Inu (SHIB), which retreated after its own recent surge, was another meme currency to decline on Monday.
SHIB/USD fell to a low of $0.000007684 in today’s session after reaching a high of $0.000007907 on Sunday.
Similar to dogecoin, Shiba inu reached a multi-week high last week; however, the attitude changed once the RSI encountered resistance.
Price strength is now tracking at 50.43 as of the time of writing after failing to overcome a resistance level of 54.00.
Despite this warning, an upward crossing of the 10-day (red) and 25-day (blue) moving averages may be about to happen.
SHIB is anticipated to advance more in the following week should this happen.