Biggest Movers: DOGE Drops to 5-Day Low on Wednesday

Biggest Movers: DOGE Drops to 5-Day Low on Wednesday

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. DOGE/USD – Daily Chart

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 today’s session, as prices slipped to a low of $0.938 earlier in the day.

Similar to dogecoin, today’s decline has pushed polygon to its weakest point since last Thursday, when prices were trading at a floor of $0.940. MATIC/USD – Daily Chart

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.

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What is behind today’s bearish momentum in crypto markets? Let us know your thoughts in the comments. Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Crypto, Equity, Metal Markets Plunge as Tech Earnings Disappoint and US Economic Weakness Deepens MARKET UPDATES | 4 hours ago Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks MARKET UPDATES | 9 hours ago

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