Dogecoin saw its five-day winning streak snapped on Wednesday, and today’s decline engulfs its recent rally. MemeCoin fell as much as 6% in today’s session as sentiment in the crypto market changed. Solana also fell 9%.
Dogecoin (DOGE)
Dogecoin (DOGE) plunged on Wednesday as bears entered the market, snapping a five-day winning streak in the process.
Following last Friday’s low of $0.0853, DOGE/USD surged to a peak of $0.0950 in yesterday’s session.
These gains were wiped out today as the meme coin fell to a low of $0.0851 earlier in the day.
The Relative Strength Index (RSI) fell below the lower limit of 60.00, which appears to be one of the main reasons for the decline.
At the time of this writing, the index is hovering at 54.98, just above the 53.00 floor.
DOGE has since rebounded and is currently at $0.08815, but could drop below $0.0850 if the RSI continues to decline.
Solana (SOL)
Another notable move on Wednesday was Solana (SOL), which fell 9% today.
SOL/USD fell to a bottom at $22.27, 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 dogecoin, today’s decline seems to have coincided with a move below 57.00 on the RSI indicator.
Price strength is now at a reading of 53.36, rapidly approaching the lower support line at 51.00.
If this downside continues throughout the week, there is a strong possibility that SOL will drop below $20.00.
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