Key Insights:
- Shiba Inu fell to $0.00001033 after a 10.6% drop.
- Dogecoin followed suit, declining to $0.6.
- Bitcoin and Ethereum also noted a price fall, trading at $20k and $1.3k today.
The meme coin market took a hit as the leading meme coins Shiba Inu, and Dogecoin depreciated further today thanks to the broader market bearish cues.
The crypto market did not spare Bitcoin and Ethereum either, as the king coins traded below the $21k and $1.4k mark at the time of writing.
Shiba Inu Takes a Plunge
Despite its ongoing hustle for its own Metaverse, Shiba Inu is not observing a lot of bullishness from the investors, which is becoming apparent on the charts as well. In the last 24 hours, the meme coin has slipped by 10.6% to trade at $0.00001033. This drop wiped out the recovery made by SHIB in the previous two weeks.
The altcoin is most likely set to continue this streak as price indicators are already hinting at a downtrend. The first of them is the Parabolic SAR, whose white dots shifted their position to place above the candlestick.
Given the gap between the indicator and the candlestick, it will be a while before the downtrend is countervailed.
The case is the same with the Relative Strength Index (RSI) as well since the indicator fell into the bearish zone due to higher selling pressure from SHIB holders.
For the indicator to return to the bullish area, SHIB will need support from the broader market.
Dogecoin Leads the Meme Coins
The meme coin king did lead the meme coins as it fell victim to the broader market bearish cues. At the time of writing, DOGE was changing hands at $0.06, losing pretty much all the recovery it managed to achieve since the June lows after the crash.
The Bollinger Bands remain converged even today, which saved the altcoin from excessive volatility, but the bearishness resulted in the candlesticks falling below the basis of the indicator.
This will result in a price fall for the altcoin whenever the bands diverge.
Additionally, the MACD has already executed a bearish crossover as the signal line (red) moved over the indicator line (white).
The growing red bars are also a matter of concern as they could cause higher price falls than anticipated. DOGE will survive this, however, as long as it keeps above the $0.05 support level.