The weekend presents bearish news for crypto traders, as the red wave washes away recent bulls. Two of the biggest movers on Saturday were Dogecoin (DOGE) and Shiba Inu (SHIB), as both coins dropped to multi-week lows. DOGE slipped below a key price floor at $0.080 to its weakest point since April 3, and SHIB dropped to its lowest level since March 11.
The recent decline has pushed DOGE/USD to a support point at around $0.0760, with the Relative Strength Index (RSI) consolidating at 43.21 - a floor near 42.00. To move back above $0.090, the next resistance level looks to be around 51.00. SHIB/USD has found a similar resistance at $0.00001020, with its 10-day moving average close to a downward cross with its 25-day counterpart, and its strength hovering close to 37.00.
The crypto market has gone through a turbulent time in recent months, but as bears dominate, investors can keep an eye on both coins as they move towards potential resistance points. If the red wave subsides, bulls may soon be back in the ring - and with it an opportunities for investors who can spot a good buy before the prices rise.
Christopher Wood
- 2023-04-22
Crypto Markets Defined by Bears as DOGE and SHIB Drop
The weekend has brought bearish news for the crypto market, with two of the biggest coins dropping to multi-week lows. DOGE/USD has slipped below a key price floor at $0.080 and SHIB/USD has found resistance at $0.00001020. Investors should watch for an opportunity for a good buy before the prices rise again.
