Dogecoin dropped to a one-month low on Wednesday, as a red wave swept through cryptocurrency markets. Bearish sentiment remained high as the session progressed, with the global market cap falling by nearly 2% today. XRP also plunged in today’s session.
Dogecoin (DOGE)
Dogecoin (DOGE) fell for a fourth straight session, as bears continue to regain momentum, following last week’s gains.
After peaking at $0.07407 on Tuesday, DOGE/USD dropped to an intraday low of $0.06893 earlier in the day.
As a result of this fall in price, dogecoin slipped to its lowest level since July 19, when price was at a bottom of $0.0682.
The decline comes following a downward crossover of the moving averages, which is also known as a death cross.
This week’s bearish momentum intensified after DOGE moved below a support point at $0.0730.
Additionally, the relative strength index (RSI) also edged lower, dropping to a reading of 39.10, its lowest in four weeks.
XRP
XRP, formerly ripple, also remained in the red on Wednesday, dropping to a multi-week low in the process.
XRP/USD bottomed out at $0.5918 earlier in today’s session, which comes following Tuesday’s high at $0.6275.
Similar to dogecoin above, today’s drop in price saw XRP move to its lowest point since mid-July.
One of the catalysts for the sell-off was a breakout of a support point at the 40.00 mark on the RSI indicator.
The index is now tracking at 36.76, which is its weakest point since May, a point when the price was hovering around $0.4600.
Bulls will hope to reject further drops in price, however will first need to drop below an upcoming floor at the 32.00 zone.
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What is behind today’s decline in price? Let us know your thoughts in the comments.
