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.
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.
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:
Is today’s downturn simply a matter of profit capturing? 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.
