Dogecoin fell to a five-day low on Wednesday, as the meme coin fell for the second session in a row. The move saw prices fall by more than 5%, approaching a key price floor in the process. Polygon also extended recent declines, hitting its weakest point since January 19.
Dogecoin (DOGE)
Dogecoin (DOGE) fell to a five-day low on Wednesday as the global cryptocurrency market capitalization fell as much as 3% today.
Following a low of $0.08919, DOGE/USD fell to an intraday low of $0.08245 today.
The move saw dogecoin reach its lowest point since January 20, which is the last time prices traded to a floor of $0.080.
As can be seen on the chart, the drop came as the 14-day RSI collided with a support level of its own at 55.00.
On top of this, the 10-day moving average (red) has now reversed direction and appears to be on its way to a downtrend.
If this were to happen and result in a crossover with the 25-day (blue) moving average, DOGE is likely to trade below $0.080.
Polygon (MATIC)
Polygon (MATIC) was also in the red on the day of the hump, with the token moving lower for the third day in a row.
MATIC/USD fell below the $1.00 mark in today’s session, as prices fell to a low of $0.938 earlier in the day.
Similar to dogecoin, today’s decline has brought the polygon to its weakest point since last Thursday, when prices were trading at a floor of $0.940.
Looking at the chart, the price strength turned down as well, with the RSI dipping below a 58.00 floor.
At time of writing, the index now sits at 55.96, with a floor of 53.00 the next possible target for bears.
Bulls have so far rejected this advance, with MATIC rallying from previous lows, currently at $0.9588, at time of writing.
Sign up your email here to receive weekly price analysis updates in your inbox:
What is behind today’s bearish momentum in the crypto markets? Let us know your thoughts in the comments.
image credits: Shutterstock, Pixabay, Wiki Commons, viewimage / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
