Dogecoin (DOGE) saw a sharp decline on Thursday, continuing a three-day bearish trend that began after DOGE rose to a four-month high. Fueled by a Twitter logo radical change to a cartoon image of the meme coin, traders began to abandon long positions and instead opt to secure profits. This caused the DOGE/USD pair to fall to a low of $0.08857, pushing the relative strength index to slip below a long-term floor of 60.00 and tracking at 59.59 at the time of writing.

Litecoin (LTC) also felt the effects of bearish action as it dropped towards the price point of $90.00. Following a high of $94.44 yesterday, LTC/USD fell to a bottom of $90.22. This can be attributed to momentum easing as the token approached a key price point of $95.00 and the relative strength index’s failure to break out of a ceiling at 57.00. The current price strength is tracking at 52.26, its lowest point since March 31, and looks likely to break a floor of 51.00, taking the coin below $90.00.

Both DOGE and LTC have seen considerable gains since the start of the week and although these losses in value suggest that market sentiment is beginning to see a bearish shift, it’s too early to tell whether this will be a short-term motion or the start of a much larger downturn.



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