In the past few weeks, the cryptocurrency industry has started to shed off the weight of the FTX crash. This means that the trading prices of the cryptocurrencies started to recover a bit.
As the prices moved higher, the investors also wanted to see how the meme coins were doing. Turns out, the meme coins have not been doing well as their prices have started to experience declines.
The largest meme coins in the entire meme coin industry are Dogecoin (DOGE) and Shiba Inu (SHIB). Despite being the largest meme coins, they have not performed well in the market.
The investors are not happy with their performances and are eager to understand where their orientations would be in near future.
Therefore, it is very important to have a look at their price movements in the upcoming days to understand which side they would lean toward.
Dogecoin Plunged by 10%
The first and largest meme coin is none other than Dogecoin which has led the meme coin industry since 2021.
The meme coin did face a slight dip back in the mid of 2021 versus Shiba Inu, the current second-largest meme coin. However, after losing its rank to SHIB for a brief period, DOGE retook its position.
However, the past few weeks have not been fortunate for the meme coin. It has recorded a major pull in its trading value and the past four days have proven no less than a bad omen.
The value of the token has continued to decline for four days straight. The decline in the trading price of Dogecoin gained momentum right from the beginning of the running week.
Its value has been reported to dip to $0.08729 in a matter of 24 hours, from a high of $0.09682. The decline has been witnessed as the value of Dogecoin has dipped by almost 10% in the past 24 hours.
This is the lowest point the meme coin has hit since November 25 and chances are, it may continue declining in the future.
DOGE RSI is a Bad News
The bulls seeking any kind of assurance from the RSI will be disappointed to see that it has also sided with the bears. At the moment, the relative strength index is at 48.00 and it has recently declined from the midline.
With the RSI moving lower and showing no signs of coming close to the “oversold” zone, it means that the asset will continue plummeting.
The bears backed by the bearish RSI may attempt stronger selling sprees to increase their pressure over the bulls. If the bulls do end up taking the damage, then the price of DOGE may plummet to $0.080.
Shiba Inu Experienced a 5% Dip
Then comes the second-largest meme coin, which is also facing a downtrend. Unfortunately, SHIB is in an even worse situation than its leader. The price of SHIB has not witnessed any strong movements for a while.
The lack of utility is what has caused a major drawback for the second-largest meme coin. At the time of writing, SHIB stands at $0.000008794 and prior to the 5% dip, it was at $0.000009282.
This is the lowest point SHIB has hit since November 22, and the future of the asset is in the dark as well.
SHIB’s RSI is Even More Bearish than DOGE
If you are thinking that DOGE’s RSI is in a bad situation, then SHIB’s RSI would shock you. The asset’s RSI is currently at a low of 43.70 and from the looks of it, the RSI may continue declining.
If it keeps happening, then the trading price of the asset may experience an even stronger pull. The bears will find strong selling confidence from the RSI moving into the bearish territory.
They will continue exerting stronger selling pressure backed by the RSI and the strong selling sentiments. This would eventually pull the trading price of SHIB below the $0.000009000 level.