Litecoin was a notable mover on Wednesday, as the token dropped by as much as 6% in today’s session. The decline came as a red wave swept through the crypto market, leading to the global cap falling by 2% at the time of writing. Dogecoin also dropped, hitting a two-week low.
Litecoin (LTC) was one of Wednesday’s biggest movers, as the token fell by as much as 6% in today’s session.
LTC/USD dropped to a bottom of $85.87 earlier in the day, less than 24 hours after hitting a high of $91.79.
The decline in price pushed litecoin to its weakest point since May 15, when it last broke out of a floor at $85.00.
From the chart, it appears that today’s move transpired as the relative strength index (RSI) fell below a support level of 50.00.
Currently, price strength is now tracking at 46.95, with the next visible floor at the 39.00 mark.
Although LTC has rebounded from an earlier low, and is now trading at $86.61, a breakout below $85.00 remains possible.
Dogecoin (DOGE) was also in the red on Wednesday, as it fell to a multi-week low of its own.
Following a high of $0.07305 on Tuesday, DOGE/USD slipped to a low of $0.07103 in today’s session.
This drop in price pushed the meme coin to its lowest point since May 12, which is the last time it traded under $0.07000.
Overall, dogecoin has mostly consolidated between the aforementioned low, and a resistance level at $0.0750 for the past few weeks.
In order to move away from this current threshold, a ceiling of 43.00, or floor at 36.00 will need to be broken.
At the time of writing, the index is at a reading of 37.42.
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