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.
Register your email here to get weekly price analysis updates sent to your inbox:
What is behind today’s decline in price? Let us know your thoughts in the comments.