Dogecoin fell to its lowest level since October, as cryptocurrency prices plunged during Friday’s session. Overall, the global crypto market cap dropped by nearly 9% today, which seems to have been triggered by yesterday’s liquidation of Silvergate bank. Litecoin has been another notable mover, falling by over 17%.
Dogecoin fell to a five-month low on Friday, as crypto prices continued to plummet, following the liquidation of Silvergate Bank.
DOGE/USD dropped to an intraday low of $0.06302 earlier in the day, less than 24 hours after trading at a high of $0.0722.
As a result of the decline, dogecoin fell to its lowest point since October 26, when price bottomed out at $0.0627.
DOGE/USD – Daily Chart
Looking at the chart, the sell-off came as the relative strength index (RSI) of 14 days dropped below a long-term floor at 30.00
As of writing, the index is tracking at 21.52, which is very deep in bearish territory, and its weakest reading since July 12.
This latest slippage in price could tempt longer-term bulls to buy the current dip, however an instant rebound may not be on the cards.
Litecoin (LTC) also dropped to a multi-month low in today’s session, as the token fell by as much as 17%.
Following a high of $84.76 on Thursday, LTC/USD slid to a low of $69.14 earlier in Friday’s session.
This plunge saw litecoin fall to its weakest level since New Year’s Eve, when the token dropped to a bottom at $67.57.
LTC/USD – Daily Chart
Overall, LTC has now traded in the red for a fifth consecutive session, and is down nearly 23% in the past week.
Like with dogecoin, the collapse in price has sent the 14-day RSI to an eight-month low, as it is currently tracking at 23.75.
A floor at $63.00 could be a target for sellers, in the event that current sentiment extends into the weekend.
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Do you expect a reversal in prices in the coming days? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons, viewimage / Shutterstock.com
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