Dogecoin was one of the biggest movers on Thursday, with the meme coin falling 9%. The drop was due to market sentiment beginning to change after a big rally earlier in the week. Litecoin is also in the red today, with prices hovering around the $90.00 level.
Dogecoin (DOGE)
Dogecoin (DOGE) fell for the third consecutive session on Thursday as market sentiment shifted to bearish following a strong rally earlier in the week.
DOGE/USD fell to a low of $0.08857 in less than 24 hours after trading as high as $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 seem to have abandoned their previous long positions, opting instead to secure profits.
As a result of this price drop, the Relative Strength Index (RSI) is now below its long-term bottom at 60.00.
As of this writing, the index is tracking at 59.59 and is likely to fall further.
Litecoin (LTC)
Another notable move on Thursday was Litecoin (LTC), which fell toward the $90.00 level.
Following a high of $94.44 in yesterday’s session,LTC/USD fell to a bottom of $90.22 early in the day.
Overall, this decline appears to be the result of a weakening of upside momentum as the token approached a key price point of $95.00.
In addition to this, the RSI has also failed to break out of its own ceiling at 57.00, and the bearish trend is back.
Price strength is now tracking at 52.26, which is the weakest point in the index since March 31.
A floor of 51.00 seems to be the bear target, and if this point is reached,is likely; LTCwill be below $90.00.
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