NEWSLETTER
Dogecoin saw a five-day winning streak snapped on Wednesday, with today’s drop engulfing recent gains. The meme coin fell as much as 6% in today’s session as sentiment in the cryptocurrency market turned. Solana was also lower, falling 9%.
Dogecoin (DOGE)
Dogecoin (DOGE) tumbled on Wednesday as bears entered the market, snapping a five-day winning streak in the process.
Following a low of $0.0853 last Friday, DOGE/USD rallied to a high of $0.0950 during yesterday’s session.
These gains were erased today, as the meme coin fell to a low of $0.0851 earlier in the day.
One of the main catalysts for the decline appears to be a break in the RSI, which fell below a bottom at 60.00.
At the time of writing, the index sits at 54.98, which is marginally higher than a bottom at 53.00.
DOGE has since rallied and is currently sitting at $0.08815; However, if the RSI continues to fall, the coin could move below $0.0850.
Solana (SUN)
Another notable move on Wednesday was solana (SOL), which fell as much as 9% today.
SOL/USD fell to a low of $22.27 earlier in the day, which comes after Tuesday’s peak of $25.22.
As a result of the drop, solana fell to its weakest point since last Tuesday, when the token was trading as low as $20.83.
As with dogecoin, today’s drop seems to have coincided with a break in the RSI indicator, which moved below 57.00.
Price strength is currently at a reading of 53.36 and is fast approaching a lower support point at 51.00.
If this downturn continues for the rest of the week, there is a strong chance that the SOL will move below $20.00.
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Is today’s recession simply a matter of profit capture? Let us know your thoughts in the comments.
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