Dogecoin fell to its lowest level since October as cryptocurrency prices plunged during Friday’s session. Overall, the global crypto market cap fell nearly 9% today, which appears to have been triggered by the liquidation of Silvergate Bank yesterday. Litecoin is another notable mover, falling more than 17%.
Dogecoin (DOGE)
Dogecoin fell to a five-month low on Friday as crypto prices continued to plummet following the liquidation of Silvergate Bank.
DOGE/USD fell to an intraday low of $0.06302 within 24 hours of trading as high as $0.0722.
As a result, dogecoin fell to its lowest level since bottoming at $0.0627 on October 26.
The chart shows that the sell-off was triggered by the 14-day Relative Strength Index (RSI) falling below its long-term bottom at 30.00
As of this writing, the index is hovering at 21.52, very deep in bearish territory and the weakest reading since July 12.
This decline may tempt long-term bulls, but it is unlikely to rebound anytime soon.
Litecoin (LTC)
Litecoin (LTC) also hit a multi-month low in today’s session as the token fell 17%.
Following Thursday’s high of $84.76,LTC/USD fell to a low of $69.14 early in Friday’s session.
The plunge sent Litecoin to its weakest level since bottoming out at $67.57 on New Year’s Eve.
Overall,LTChas now traded in the red for five consecutive sessions and has fallen about 23% over the past week.
Similar to dogecoin, the collapse in prices has pushed the 14-day RSI to an 8-month low, currently tracking at 23.75.
If current sentiment continues through the weekend, a floor of $63.00 could be a target for sellers.
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