Biggest Movers: DOGE Extends Declines on Thursday, Falling by Nearly 9%
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. DOGE/USD – Daily Chart
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. LTC/USD – Daily Chart
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.
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Do you expect litecoin to move above $95.00 this week? Let us know your thoughts in the comments. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin, Ethereum Technical Analysis: BTC Drops Below $28,000, as Markets Consolidate on Thursday MARKET UPDATES | 10 hours ago Biggest Movers: XRP Rebounds on Tuesday, as AVAX Hits 1-Week High MARKET UPDATES | 1 day ago
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