Dogecoin rebounded from Wednesday’s drop, with the meme coin briefly climbing back above $0.090 in today’s session. However as the day progressed, bearish sentiment heightened, with price declining. Litecoin was also down today, and continues to trade near a multi-week low.
Dogecoin (DOGE)
Dogecoin (DOGE) was volatile on Thursday, as prices moved back into the red, after an earlier rebound.
DOGE/USD fell to an intraday low of $0.08685 in today’s session, following an earlier high of $0.09297.
The meme coin has been volatile in recent sessions, after a week-long bull run was snapped on Wednesday.
DOGE/USD – Daily Chart
Looking at the chart, today’s candlestick has printed a large doji, with dogecoin now trading close to its open price.
In addition to this, the relative strength index (RSI) has found a floor at the 53.00 mark, which has helped maintain the uncertainty.
Should this floor give way, there is a good chance that DOGE will move towards a support point at $0.08000.
Litecoin (LTC)
Litecoin (LTC) traded near a three-week low in today’s session, as the token moved below $100.00.
Following a high of $101.95 on Wednesday, LTC/USD plunged to a low of $89.38 earlier today.
This is the lowest level that litecoin has hit since March 31, with bears now potentially targeting a long-term floor at $86.00.
LTC/USD – Daily Chart
As a result of today’s decline, the RSI has fallen to a point of support of its own at the 45.00 mark.
If price strength were to fall below this point, it is likely that LTC could head closer to $80.00.
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Do you expect further declines in litecoin this week? Let us know your thoughts in the comments.
Eliman Dambell
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
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