Dogecoin dropped by nearly 3% on Monday, as traders began to take profits following last week’s gains. Cryptocurrency largely consolidated to start the week, with the global market cap down 0.64% as of writing. Shiba inu was another coin to move lower today.
Dogecoin (DOGE) was in the red to start the week, as traders seemingly secured gains following a recent bull run.
DOGE/USD rose to a two-week high at $0.0704 last Thursday, however it has since gone on to record consecutive declines.
The latest drop pushed the meme coin to an intraday low of $0.06557, which is its weakest point since Saturday.
Looking at the chart, today’s sell-off comes as the relative strength index (RSI) broke out of a support point at 50.70.
Since the decline, the index is now tracking at 48.55, with the next visible floor being at the 46.00 mark.
In the event that this level gets breached, there is a strong chance that DOGE will drop below $0.0640.
Shiba Inu (SHIB)
Another meme coin to fall lower on Monday was shiba inu (SHIB), which slipped following its own recent rally.
Following a high of $0.000007907 on Sunday, SHIB/USD dropped to a bottom at $0.000007684 in today’s session.
Like with dogecoin, shiba inu also captured a multi-week high last week, however, sentiment shifted after the RSI hit a hurdle.
Price strength failed to break out of a resistance level of 54.00, and as of writing is currently tracking at 50.43.
Despite this bearish signal, a potential upwards crossover of the 10-day (red) and 25-day (blue) moving averages is on the cusp of occurring.
Should this take place, it is likely that SHIB gains further in the upcoming week.
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Where will shiba inu end the month? Let us know your thoughts in the comments.