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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
