Shiba inu moved closer to a six-month low on Wednesday, as sentiment in cryptocurrency markets shifted bearish. Litecoin was another notable token to fall, slipping by over 4% today. The global market cap is currently down by over 2% at the time of writing.
Shiba Inu (SHIB)
Shiba inu (SHIB) fell below a key support point earlier in today’s session, moving closer to a six-month low as a result.
Following a high of $0.000008784 on Tuesday, SHIB/USD dropped to a intraday low of $0.000008398 earlier in the day.
This drop resulted in the meme coin falling below a key support point of $0.000008500, approaching its lowest point since January 8. From the chart, it appears that the latest decline comes as the 14-day relative strength index (RSI) moved towards a floor at 32.00.
At the time of writing, the index is tracking at 33.76, following a failed breakout of a ceiling at 44.00.
Should price strength fall to the aforementioned support point, there is a good chance SHIB will hit a new six-month low. Litecoin (LTC)
Litecoin (LTC) was another notable mover on Wednesday, as prices plunged by as much as 4%.
LTC/USD dropped to a low of $88.35 earlier in the day, which comes less than 24 hours after hitting a high at $92.59.
It appears that this latest decline comes following a failed breakout attempt of a ceiling at the $93.50 mark in recent days. In addition to this point of resistance, the RSI ran into a hurdle of its own at the 57.00 mark.
As of writing, the index is tracking at 50.35, which is marginally above a recent support at the 50.00 level.
LTC has somewhat rebounded from earlier lows and at the time of writing, is trading at $89.08.
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Will litecoin move back above $90.00 this week? Let us know your thoughts in the comments.