Dogecoin slipped to a five-day low on Wednesday, as the meme coin fell for a second straight session. The move saw prices drop by over 5%, edging closer towards a key price floor in the process. Polygon also extended recent declines, hitting its weakest point since January 19.
Dogecoin (DOGE)
Dogecoin (DOGE) dropped to a five-day low on Wednesday, as the global cryptocurrency market cap fell by as much as 3% today.
Following a low of $0.08919, DOGE/USD fell to an intraday low of $0.08245 earlier today.
The move saw dogecoin hit its lowest point since January 20, which is the last time prices were trading at a floor of $0.080.
As can be seen from the chart, the decline took place as the 14-day relative strength index (RSI) collided with a support level of its own at 55.00.
In addition to this, the 10-day (red) moving average has now shifted its direction, and appears to be on course for a downward trend.
Should this take place, and result in a crossover with the 25-day (blue) moving average, then DOGE will likely be trading below $0.080.
Polygon (MATIC)
Polygon (MATIC) was also in the red on hump day, with the token moving lower for a third consecutive day.
MATIC/USD fell below the $1.00 mark in todayβs session, as prices slipped to a low of $0.938 earlier in the day.
Similar to dogecoin, todayβs decline has pushed polygon to its weakest point since last Thursday, when prices were trading at a floor of $0.940.
Looking at the chart, price strength also edged lower, with the relative strength index (RSI) falling below a floor of 58.00.
As of writing, the index is now tracking at 55.96, with a floor of 53.00 the next possible target for bears.
Bulls have so far rejected this advance, with MATIC rebounding from earlier lows, currently sitting at $0.9588, at the time of writing.
Register your email here to get weekly price analysis updates sent to your inbox:
What is behind todayβs bearish momentum in crypto markets? Let us know your thoughts in the comments.
You can get bonuses upto $100 FREE BONUS when you:
π° Install these recommended apps:
π² SocialGood - 100% Crypto Back on Everyday Shopping
π² xPortal - The DeFi For The Next Billion
π² CryptoTab Browser - Lightweight, fast, and ready to mine!
π° Register on these recommended exchanges:
π‘ Binanceπ‘ Bitfinexπ‘ Bitmartπ‘ Bittrexπ‘ Bitget
π‘ CoinExπ‘ Crypto.comπ‘ Gate.ioπ‘ Huobiπ‘ Kucoin.
Comments