In a major blow to cryptocurrency investors, Dogecoin has dropped to its lowest level since January. The popular meme coin fell to an intraday low of $0.07424, following a high of $0.08084 on Thursday. The sell-off has been attributed to Silvergate bank, which has impacted overall sentiment in the marketplace. As a result, the global crypto market cap is down 3.63% as of writing.
Shiba Inu, another popular cryptocurrency, has also been affected by the sell-off, falling to a six-week low. The drop in both Dogecoin and Shiba Inu has raised concerns among investors, who are now closely monitoring the market for any signs of recovery.
Looking at the daily chart, Dogecoin briefly broke out of a floor at $0.0755, which came as the 14-day relative strength index (RSI) also fell below its own support. As of writing, the index is tracking at a low level, indicating that the sell-off may continue in the coming days.
The drop in Dogecoin and Shiba Inu has come as a surprise to many investors, who had been bullish on the cryptocurrencies in recent weeks. However, the sell-off has highlighted the volatility of the cryptocurrency market, which can be affected by a range of factors, including global events and investor sentiment.
Despite the drop in Dogecoin and Shiba Inu, some investors remain optimistic about the long-term prospects of the cryptocurrencies. They believe that the current sell-off is a temporary setback, and that both coins will eventually recover and reach new highs.
As the cryptocurrency market continues to evolve, investors will need to stay informed and vigilant in order to make informed decisions about their investments. While the market may be volatile, it also presents opportunities for those who are willing to take risks and invest wisely.
