Dogecoin was one of Thursday’s biggest movers, as the meme coin fell by as much as 9%. The decline comes as market sentiment begins to shift, following huge gains to start the week. Litecoin was also in the red today, with prices hovering near the $90.00 level.
Dogecoin (DOGE)
Dogecoin (DOGE) fell for a third consecutive session on Thursday, as market sentiment shifted bearish, following strong gains to start the week.
DOGE/USD dropped to a low of $0.08857 earlier in the day, which comes less than 24-hours after trading at a high of $0.09804.
The meme coin rose to a four-month high earlier in the week, after Twitter changed its logo to a cartoon image of Doge.
Since then, traders have appeared to abandon earlier long positions, instead opting to secure profits.
As a result of this latest decline in price, the relative strength index (RSI) has now fallen below a long-term floor at 60.00.
At the time of writing this, the index is now tracking at 59.59, with a strong chance of further declines.
Litecoin (LTC)
Another notable mover on Thursday was litecoin (LTC), which fell towards the $90.00 level.
Following a high of $94.44 in yesterday’s session, LTC/USD dropped to a bottom at $90.22 earlier in the day.
Overall, it appears that this decline was a result of upwards momentum easing, as the token approached a key price point of $95.00.
In addition to this, the RSI also failed to break out of its own ceiling at 57.00, giving way to a resurgence of bearish activity.
Price strength is now tracking at 52.26, which is the weakest point for the index since March 31.
A floor at 51.00 is seemingly the target for bears, and should the point be reached, there is a good chance that LTC will be below $90.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect litecoin to move above $95.00 this week? Let us know your thoughts in the comments.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments