Dogecoin was one of the biggest movers on Thursday, as the meme coin fell as much as 9%. The drop comes as market sentiment begins to turn, following huge gains at the start of the week. Litecoin was also in the red today, with prices hovering around the $90.00 level.
Dogecoin (DOGE)
Dogecoin (DOGE) fell for the third session in a row on Thursday as market sentiment turned bearish, following strong gains earlier in the week.
DOGE/USD fell to a low of $0.08857 earlier in the day, which comes less than 24 hours after trading at a high of $0.09804.
The meme coin surged 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 be abandoning previous long positions and instead opting to take profits.
As a result of this latest drop in price, the RSI has now dipped below a long-term bottom at 60.00.
As of this writing, the index is now at 59.59, with a strong possibility of further declines.
Litecoin (LTC)
Another notable move on Thursday was litecoin (LTC), which fell towards the $90.00 level.
After a high of $94.44 in yesterday’s session, LTC/USD fell to a low of $90.22 earlier in the day.
Overall, it appears that this decline was a result of the bullish momentum waning, as the token approached a key price point of $95.00.
On top of this, the RSI also failed to break its own high at 57.00, ushering in a resurgence of bearish activity.
Price strength is now at 52.26, which is the weakest point of the index since March 31.
A floor at 51.00 is apparently the target for the bears, and if the point is reached there is a good chance that LTC it will be under $90.00.
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Do you expect litecoin to move above $95.00 this week? Let us know your thoughts in the comments.
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