Biggest Movers: DOGE Loses Five Days" Worth of Gains on Wednesday
Dogecoin saw a five-day winning streak snapped on Wednesday, with today’s drop engulfing recent gains. The meme coin fell by as much as 6% in today’s session, as sentiment in the crypto market shifted. Solana was also lower, plunging by 9%. Dogecoin (DOGE)
Dogecoin (DOGE) plunged on Wednesday, as bears entered the market, snapping a five-day win streak in the process.
Following a low of $0.0853 last Friday, DOGE/USD surged to a peak of $0.0950 during yesterday’s session.
These gains were wiped today, as the meme coin fell to a low of $0.0851 earlier in the day. DOGE/USD – Daily Chart
One of the main catalysts for the drop seems to be a breakout on the relative strength index (RSI), which fell below a floor at 60.00.
At the time of writing, the index is tracking at 54.98, which is marginally higher than a floor at 53.00.
DOGE has since rebounded, and is currently at $0.08815, however should the RSI continue to fall, the coin could move below $0.0850. Solana (SOL)
Another notable mover on Wednesday was solana (SOL), which fell by as much as 9% today.
SOL/USD dropped to a bottom at $22.27 earlier in the day, which comes following Tuesday’s peak at $25.22.
As a result of the decline, solana fell to its weakest point since last Tuesday, when the token traded at a low of $20.83. SOL/USD – Daily Chart
Like with dogecoin, today’s drop seems to have coincided with a breakout on the RSI indicator, which moved below 57.00.
Price strength is currently at a reading of 53.36, and is fast approaching a lower point of support at 51.00.
If this downturn continues for the remainder of the week, there is a strong possibility that SOL will move below $20.00.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Doge, dogecoin, SOL, Solana
Is today’s downturn simply a matter of profit capturing? 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 Nears Breakout Below $29,000 on Wednesday MARKET UPDATES | 11 hours ago Biggest Movers: LINK Jumps to 6-Month High, LTC Back Above $100 MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMusk to Launch ‘Truthgpt,’ Says Microsoft-Backed Chatbot Is Trained to Lie Next articleSpace and Time and Microsoft Make Blockchain Data Accessible on Azure Marketplace 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 ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing