Dogecoin fell to its lowest level since October, as cryptocurrency prices tumbled during the session on Friday. Overall, the global crypto market capitalization fell nearly 9% today, which appears to have been triggered by yesterday’s liquidation of Silvergate bank. Litecoin has been another notable driver, with a drop of over 17%.
Dogecoin (DOGE)
Dogecoin fell to a five-month low on Friday as cryptocurrency prices continued to fall, following the liquidation of Silvergate Bank.
DOGE/USD fell to an intraday low of $0.06302 earlier in the day, less than 24 hours after trading at a high of $0.0722.
As a result of the drop, dogecoin fell to its lowest point since October 26, when the price bottomed out at $0.0627.
Looking at the chart, the selloff occurred when the 14-day RSI fell below a long-term bottom at 30.00.
At time of writing, the index stands at 21.52, which is very deep in bearish territory and its weakest reading since July 12.
This latest drop in price could tempt long-term bulls to buy the current dip, however an instant bounce may not be on the cards.
Litecoin (LTC)
Litecoin (LTC) also fell to a multi-month low in today’s session, as the token fell as much as 17%.
After a high of $84.76 on Thursday, LTC/USD fell to a low of $69.14 earlier in the session on Friday.
This drop saw litecoin drop to its weakest level since New Year’s Eve, when the token fell to a low of $67.57.
In general, LTC it has now traded in the red for the fifth session in a row, and is down almost 23% in the past week.
As with dogecoin, the price collapse has sent the 14-day RSI to an eight-month low as it currently sits at 23.75.
A floor at $63.00 could be a target for sellers, should the current sentiment carry over into the weekend.
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