Dogecoin experienced a brief rebound in today’s session, climbing back above $0.090 after a drop on Wednesday. However, as the day progressed, bearish sentiment heightened, and the price declined. Litecoin also experienced a drop and continues to trade near a multi-week low.
Dogecoin, a meme coin, was volatile on Thursday, with prices moving 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.
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) 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.
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.
It is unclear whether there will be further declines in Litecoin this week, but the market remains unpredictable. Investors should stay informed and cautious when making any investment decisions.
Eliman Dambell, a former director of a London-based brokerage and current online trading educator and startup founder, provides weekly price analysis updates via email. However, it is important to note that this article is for informational purposes only and is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.