Biggest Movers: DOGE, LTC Near 3-Week Lows on Thursday
Dogecoin was trading close to a three-week low on Thursday, following the release of retail sales figures in the United States. Customer spending fell by more than expected in November, dropping by 0.6% last month. Litecoin slipped for a second successive session, falling to its lowest point since late November. Dogecoin (DOGE)
Dogecoin (DOGE) remained in the red on Thursday, as prices fell for the ninth day out of the last eleven.
The recent decline saw DOGE hit a low of $0.08694 earlier in today’s session, which is nearly 4% lower than Wednesday’s peak of $0.09224.
This move saw the meme coin fall to its lowest point since Monday, nearing a three-week low of $0.0848 in the process. DOGE/USD – Daily Chart
Looking at the chart, bearish sentiment has increased as the 14-day relative strength index (RSI) fell from its recent floor at the 47.50 mark.
As of writing, the index is tracking at 42.40, with a floor of 40.00 the next possible destination.
Should this point of support be reached, we will likely see DOGE trading near the $0.0840 level. Litecoin (LTC)
Litecoin (LTC) was another notable token to fall today, with prices moving lower for a second straight day.
Following a high of $78.96 on Wednesday, LTC/USD dropped to a bottom of $74.07 earlier in the day.
As a result of this drop, litecoin moved to its lowest point since November 28, when prices hit a bottom of $70.50. LTC/USD – Daily Chart
Like with dogecoin above, today’s sell-off coincided with the RSI hitting a low of 50.20, which is close to a floor of 50.00.
Bulls anticipating a reversal may look at this with some optimism, and could look to reenter at this point of support.
However, should this floor fail to hold firm, then we will likely see LTC edge closer to a drop below $70.00.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Doge, dogecoin, litecoin, LTC
Could we see litecoin rebound in the coming days? Let us know your thoughts in the comments. Eliman Dambell
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. Bitcoin, Ethereum Technical Analysis: BTC Falls From 5-Week High as Traders Continue to Digest Fed Decision MARKET UPDATES | 9 hours ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain Higher Ahead of Fed Rate Decision MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Crypto Exchange Gemini Suffers From Data Breach, 5.7 Million Emails Allegedly Leaked Next articleMinxie Launches NFT Project That Aims to Provide the Untapped Creator Economy With Solutions Through Blockchain 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design