Dogecoin (DOGE) experienced a major price correction on Wednesday after a five day winning streak. The meme coin saw a fall of up to 6% in today's trading session as the overall sentiment in the crypto market shifted. Another major loser was Solana (SOL), which dropped fast, reaching a 9% decrease. The price of DOGE dropped from a peak of $0.0950 to a low of $0.0851 earlier in the day, with the relative strength index (RSI) dropping below a floor of 60.00. Solana was also in a weakened position, dropping to a bottom at $22.27 in the session with an RSI decrease below 57.00. Both coins indicated a bearish market as the downtrend continues to spread across the crypto markets. Bitcoin saw small drops, dipping below $53,000 after attaining an all-time high of $61,945.

Dogecoin has bounced back slightly to the current price of $0.08815 however should the RSI keep declining it could sink below $0.0850. Similarly, Solana is tracking an RSI of 53.36 and is in close proximity to a lower point of support at 51.00. If the current downturn is sustained for the rest of the week, then Solana is likely to drop below its previous Tuesday low of $20.83. Altcoins like Ethereum, XRP, and Litecoin have also felt the effects of the broader bearish trend. Ethereum, which was recently being traded at an all-time high of $2,542 has seen a price correction and is now trading at $2,270. The bearish sentiment is widely attributed to the recent SEC action taken against Ripple for illegal sale of unregistered securities. Regardless of the current market conditions, traders have encouraged investors to remain optimistic in the long-term.



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