Shiba inu was in the red to start the week, with prices falling to a 20-day low on Monday. The meme coin has now moved lower for four straight sessions, with the latest decline seeing price move below a key support point. Dogecoin was also down, hitting a two-week low earlier today.
Shiba inu (SHIB) was down on Monday, as the meme coin moved to its lowest point in the past 20 days.
Following a high of $0.000009282, SHIB/USD was down by nearly 5% today, hitting a low of $0.000008794 in the process.
This bottom is the lowest point that SHIB has traded at since November 22, when the token was at a low of $0.00000817.
As can be seen from the chart, the move comes as shiba inu broke out of a floor at the $0.00000885 mark.
The 14-day relative strength index (RSI) also fell, dropping below a floor at the 43.70 level in the process.
Should this bearish momentum continue, we could see SHIB sellers attempt to recapture the low last seen on November 22.
Dogecoin (DOGE) also remained in the red to start the week, as it also declined for a fourth straight day.
DOGE/USD declined to an intraday low of $0.08729 on Monday, less than 24 hours after hitting a high of $0.09682.
As a result of this decline, which saw DOGE drop by nearly 10%, the token hit its lowest point since November 25.
Looking at the chart, bearish momentum has recently intensified following a drop below a floor of 48.00 on the RSI.
The 10-day (red) moving average also appears to be heading towards its 25-day (blue) counterpart, with a downward cross looking inevitable.
Should this crossover take place, it is likely that DOGE will move even lower, with a floor of $0.080 a possible destination.
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Do you expect dogecoin prices to fall further this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Shiba inu was in the red to start the week, with prices falling to a 20-day low on Monday. The meme coin has now moved lower for four straight sessions, with the latest decline seeing price move below a key support point. Dogecoin was also down, hitting a two-week low earlier today.
Shiba inu (SHIB) was down on Monday, as the meme coin moved to its lowest point in the past 20 days.
Following a high of $0.000009282, SHIB/USD was down by nearly 5% today, hitting a low of $0.000008794 in the process.
This bottom is the lowest point that SHIB has traded at since November 22, when the token was at a low of $0.00000817.
As can be seen from the chart, the move comes as shiba inu broke out of a floor at the $0.00000885 mark.
The 14-day relative strength index (RSI) also fell, dropping below a floor at the 43.70 level in the process.
Should this bearish momentum continue, we could see SHIB sellers attempt to recapture the low last seen on November 22.
Dogecoin (DOGE) also remained in the red to start the week, as it also declined for a fourth straight day.
DOGE/USD declined to an intraday low of $0.08729 on Monday, less than 24 hours after hitting a high of $0.09682.
As a result of this decline, which saw DOGE drop by nearly 10%, the token hit its lowest point since November 25.
Looking at the chart, bearish momentum has recently intensified following a drop below a floor of 48.00 on the RSI.
The 10-day (red) moving average also appears to be heading towards its 25-day (blue) counterpart, with a downward cross looking inevitable.
Should this crossover take place, it is likely that DOGE will move even lower, with a floor of $0.080 a possible destination.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect dogecoin prices to fall further this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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The Tron-based stablecoin USDD has once again dropped below the $1 parity to a low of $0.969 on Monday, Dec. 12, 2022. Amid the drop in USDD’s value, Tron founder Justin Sun tweeted that his team was “deploying more capital,” and the stablecoin’s web portal usdd.io claims the project is overcollateralized by 200.8% at the time of writing.
Tron’s stablecoin USDD is the eighth largest dollar-pegged token and it’s ranked 57 in terms of the largest market capitalizations among thousands of crypto assets. On Monday, Tron’s stablecoin dropped down to $0.969 per token at around 2:51 a.m. (ET) and at around 8:00 a.m., USDD is exchanging hands for $0.979 per unit. While the Tron stablecoin dropped in fiat value, Tron founder Justin Sun reassured the public that USDD was an overcollateralized stablecoin by sharing the URL usdd.io.
Deploying more capital – steady lads
— Do Kwon ? (@stablekwon) May 9, 2022
The web portal dedicated to the Tron stablecoin claims USDD is overcollateralized by 200.8% at 8:00 a.m. (ET) on Dec. 12. “In case anyone asks about [USDD], it is 200% collateralized ratio on usdd.io,” Sun tweeted. “You can check all live data on blockchain 24*7,” the Tron founder added. Following that statement, Sun tweeted out another comment that was once said by Terra’s co-founder Do Kwon when UST was losing its peg. Sun wrote:
Deploying more capital – steady lads.
This is not the first time USDD has dropped below the $1 peg as the stablecoin dropped below $1 on Nov. 10, 2022, the day before FTX filed for bankruptcy protection on Nov. 11. On Nov. 10, USDD slipped to $0.976 per unit and it returned to the $0.99 range on Nov. 18, at around 1:00 p.m. (ET).
Tron’s stablecoin USDD sunk even lower on June 19, 2022, when it dipped down to $0.928 per unit six months ago. By the first week of July, it had regained the $1 parity all the way up until Nov. 7, 2022, when it started to deviate again.
Interestingly, the Tron stablecoin tapped an all-time high just over a month ago, when it tapped $1.04 per unit on Nov. 9, 2022. At the time of writing, USDD has an overall market cap of around $711.31 million, and an estimated $79 million in 24-hour global trade volume.
The stablecoin’s supply has increased by 0.2% during the last 30 days. Since June 3, 2022, USDD’s market cap has grown by 6.6% from $667 million to today’s $711 million. Tron’s stablecoin is listed on a myriad of centralized and decentralized trading platforms with Huobi being the most active exchange on Dec. 12.
What do you think about the Tron-based stablecoin deviating away from the $1 parity this week? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: photo_gonzo / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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