DOGE Drops to 5-Day Low on Wednesday – Market Updates Bitcoin News

Dogecoin fell to a five-day low on Wednesday, as the meme coin fell for a second straight session. The move sent the price down more than 5%, getting closer to a key price floor in the process. Polygon also extended its recent decline, hitting its weakest point since Jan. 19.

Dogecoin (DOGE)

Dogecoin (DOGE) fell to a 5-day low on Wednesday, as the global crypto market cap fell as much as 3% today.

After a low of $0.08919, DOGE/USD fell to an intraday low of $0.08245 earlier today.

The move saw dogecoin hit its lowest level since January 20, which was the last time the price traded at the $0.080 floor.

DOGE/USD – Daily Chart

As can be seen from the chart, the decline took place when the 14-day relative strength index (RSI) collided with its own support at 55.00.

Additionally, the 10-day moving average (red) has now changed its direction and appears to be heading down.

If this happens and leads to a crossover with the 25-day moving average (blue), DOGE is likely to trade below $0.080.

Polygon (MATIC)

Polygon (MATIC) is also in red on hump day, with the token moving lower for the third day in a row.

MATIC/USD dipped below the $1.00 mark in today’s trading session, as the price dropped to as low as $0.938 earlier in the day.

Similar to dogecoin, today’s decline has pushed the polygon to its weakest point since last Thursday, when the price traded at a floor of $0.940.

MATIC/USD – Daily Chart

Looking at the chart, price strength also dropped, with the relative strength index (RSI) falling below the 58.00 floor.

As of writing, the index is currently tracking at 55.96, with the 53.00 floor as the next possible target for the bears.

The bulls have so far rejected this advance, with MATIC recovering from the previous low, currently at $0.9588, at the time of writing.

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What’s behind today’s bearish momentum in the cryptocurrency market? Let us know your thoughts in the comments.

Damn Eliman

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator on various assets including Cryptocurrencies, Stocks and Forex, and is also the founder of a startup.

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