Dogecoin fell to a five-day low on Wednesday, while meme coins fell for the second consecutive session. The move saw prices fall more than 5%, approaching key price lows in the process. Polygon also extended its recent decline, hitting its lowest level since January 19.
Dogecoin (DOGE) Dogecoin (DOGE)
Dogecoin (DOGE) fell to a five-day low on Wednesday, as the global cryptocurrency market size fell as much as 3% today.
Following a low of $0.08919, DOGE/USD fell to an intraday low of $0.08245 earlier today.
The move brought dogecoin to its lowest since January 20, the last time the price traded at a bottom of $0.080.
As the chart shows, the decline occurred as the 14-day Relative Strength Index (RSI) hit its own support level at 55.00.
In addition to this, the 10-day moving average (red) has now changed direction and appears to be heading in a downtrend.
If the price continues to cross over the 25-day moving average, it could drop below $0.080.
Polygon (MATIC) was also in the red on Hump Day, with the token falling for a third straight day.
MATIC/USD fell below the $1.00 mark in today’s session, with prices falling to a low of $0.938 earlier in the day.
Like dogecoin, today’s decline has pushed the polygon down to its weakest point since last Thursday, when prices were trading at a bottom of $0.940.
The chart shows that price strength is also moving lower, with the Relative Strength Index (RSI) below the lower limit of 58.00.
The RSI is hovering at 55.96 and 53.00 could be the next bear target.
The bulls have so far rejected this advance and MATIC has rebounded from its previous lows and is currently at $0.9588 at the time of writing.
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