Biggest Movers: DOGE Drops to 5-Day Low on Wednesday

Biggest Movers: DOGE Drops to 5-Day Low on Wednesday Biggest Movers: DOGE Drops to 5-Day Low on Wednesday  0

Dogecoin slipped to a five-day low on Wednesday, as the meme coin fell for a second straight session. The move saw prices drop by over 5%, edging closer towards a key price floor in the process. Polygon also extended recent declines, hitting its weakest point since January 19.

Dogecoin (DOGE)

Dogecoin (DOGE) dropped to a five-day low on Wednesday, as the global cryptocurrency market cap fell by as much as 3% today.

Following a low of $0.08919, DOGE/USD fell to an intraday low of $0.08245 earlier today.

The move saw dogecoin hit its lowest point since January 20, which is the last time prices were trading at a floor of $0.080.

Biggest Movers: DOGE Drops to 5-Day Low on Wednesday  1DOGE/USD – Daily Chart

As can be seen from the chart, the decline took place as the 14-day relative strength index (RSI) collided with a support level of its own at 55.00.

In addition to this, the 10-day (red) moving average has now shifted its direction, and appears to be on course for a downward trend.

Should this take place, and result in a crossover with the 25-day (blue) moving average, then DOGE will likely be trading below $0.080.

Polygon (MATIC)

Polygon (MATIC) was also in the red on hump day, with the token moving lower for a third consecutive day.

MATIC/USD fell below the $1.00 mark in today’s session, as prices slipped to a low of $0.938 earlier in the day.

Similar to dogecoin, today’s decline has pushed polygon to its weakest point since last Thursday, when prices were trading at a floor of $0.940.

Biggest Movers: DOGE Drops to 5-Day Low on Wednesday  2MATIC/USD – Daily Chart

Looking at the chart, price strength also edged lower, with the relative strength index (RSI) falling below a floor of 58.00.

As of writing, the index is now tracking at 55.96, with a floor of 53.00 the next possible target for bears.

Bulls have so far rejected this advance, with MATIC rebounding from earlier lows, currently sitting at $0.9588, at the time of writing.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Doge, dogecoin, matic, Polygon

What is behind today’s bearish momentum in crypto markets? Let us know your thoughts in the comments.

Biggest Movers: DOGE Drops to 5-Day Low on Wednesday  3 Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Biggest Movers: DOGE Drops to 5-Day Low on Wednesday  4 Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks MARKET UPDATES | 3 hours ago Biggest Movers: DOGE Drops to 5-Day Low on Wednesday  5 Biggest Movers: AVAX Hits Multi-Month Peak, as MATIC Jumps to 1-Week High MARKET UPDATES | 1 day ago

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Updated: 01/25/2023 — 12:00

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