Shiba inu was down by as much as 5% on Wednesday, as the meme coin slipped to a one-week low in today’s session. Market uncertainty has heightened in recent days, following the news that Prime Trust has been placed into receivership. Additionally, traders’ nerves increased ahead of Federal Reserve Chair Jerome Powell’s latest speech.
Shiba Inu (SHIB)
Shiba inu (SHIB) fell by nearly 5% in today’s session, as traders reacted to several points of macro-economic news.
After surging to a peak of $0.000007668 on Tuesday, SHIB/USD dropped to an intraday bottom at $0.000007261 earlier in the day.
This drop saw bearish sentiment marginally increase, with short sellers now seemingly targeting a floor at $0.00000640.
Overall, SHIB has fallen for three of the last six days, pushing its relative strength index (RSI) to a current low at 41.89.
As a result of this, the index fell below a support point at 46.00, and now seems to be heading for a lower floor at 40.00.
Should it reach this point, there is a good chance that the meme coin will be trading under the $0.00000700 mark.
Polygon (MATIC)
In addition to SHIB, polygon (MATIC) also edged lower on Wednesday, falling to a one-week low in the process.
MATIC/USD bottomed out at $0.6293 earlier in the day, which comes following Tuesday’s peak at $0.6713.
The drop in prices resulted in polygon falling to its lowest point since June 20, when it reached a low of $0.5913.
From the chart, this decline comes despite momentum appearing to be bullish, with the 10-day (red) moving average nearing an upwards cross with its 25-day (blue) counterpart.
Additionally, price strength has fallen below a floor at 39.00, and is tracking at 38.63 as of writing.
In the event MATIC continues to decline, a likely target for bears will be an upcoming support zone at $0.580.
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Will polygon end the month below $0.600? Let us know your thoughts in the comments.
