Cryptocurrency markets experienced a wave of red today, as two popular meme coins dropped to multi-month lows today. Shiba inu (SHIB) dropped as close to a five-month low, as markets reacted to the news that Elon Musk has found his long-term replacement as Twitter CEO. Along with SHIB, Dogecoin (DOGE) also moved lower in the day, as it neared a two-month low.

Following a high of $0.000008746 on Thursday, SHIB/USD dropped to a bottom of $0.000008549, which was the weakest point that the meme coin has hit since January. Likewise, DOGE/USD fell to an intraday low of $0.06957 earlier on Friday, trading at a peak of $0.07268. This low brought it close to March’s low of $0.0692.

Both coins have since bounced back from their earlier lows, with SHIB/USD up at $0.000008637 and DOGE/USD at $0.07127. This rebound seems to have been driven by market traders, buying the dip and rejecting a full breakout of a support point at $0.07000.

Moving forward, it remains to be seen whether these lows will be the hard floor or if the coins will move even lower. Should the latter be the case, investors may soon be looking to capitalize on possible buying opportunities should a reversal take shape in the near future.

The RSI is currently deep into oversold territory for SHIB, indicating at least some hope for the bull camp. Similarly, DOGE has had a small bounce from today’s dip, pointing to potential for a strong comeback if this low proves to be a hard floor. Although much of the near-term direction of the two coins depend upon other macro market factors, these lows could be looked at with hope for bullish investors.



Other News from Today