Biggest Movers: DOGE Extends Declines on Thursday, Falling by Nearly 9%


Dogecoin was one of Thursday’s biggest movers, as the meme coin fell by as much as 9%. The decline comes as market sentiment begins to shift, following huge gains to start the week. Litecoin was also in the red today, with prices hovering near the $90.00 level.

Dogecoin (DOGE)

Dogecoin (DOGE) fell for a third consecutive session on Thursday, as market sentiment shifted bearish, following strong gains to start the week.

DOGE/USD dropped to a low of $0.08857 earlier in the day, which comes less than 24-hours after trading at a high of $0.09804.

The meme coin rose to a four-month high earlier in the week, after Twitter changed its logo to a cartoon image of Doge.

DOGE/USD – Daily Chart

Since then, traders have appeared to abandon earlier long positions, instead opting to secure profits.

As a result of this latest decline in price, the relative strength index (RSI) has now fallen below a long-term floor at 60.00.

At the time of writing this, the index is now tracking at 59.59, with a strong chance of further declines.

Litecoin (LTC)

Another notable mover on Thursday was litecoin (LTC), which fell towards the $90.00 level.

Following a high of $94.44 in yesterday’s session, LTC/USD dropped to a bottom at $90.22 earlier in the day.

Overall, it appears that this decline was a result of upwards momentum easing, as the token approached a key price point of $95.00.

LTC/USD – Daily Chart

In addition to this, the RSI also failed to break out of its own ceiling at 57.00, giving way to a resurgence of bearish activity.

Price strength is now tracking at 52.26, which is the weakest point for the index since March 31.

A floor at 51.00 is seemingly the target for bears, and should the point be reached, there is a good chance that LTC will be below $90.00.

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Do you expect litecoin to move above $95.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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