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Biggest Movers: DOGE Loses Five Days’ Worth of Gains on Wednesday

Dogecoin saw a five-day winning streak snapped on Wednesday, with today’s drop engulfing recent gains. The meme coin fell by as much as 6% in today’s session, as sentiment in the crypto market shifted. Solana was also lower, plunging by 9%.

Dogecoin (DOGE)

Dogecoin (DOGE) plunged on Wednesday, as bears entered the market, snapping a five-day win streak in the process.

Following a low of $0.0853 last Friday, DOGE/USD surged to a peak of $0.0950 during yesterday’s session.

These gains were wiped today, as the meme coin fell to a low of $0.0851 earlier in the day.

Biggest Movers: DOGE Loses Five Days' Worth of Gains on Wednesday
DOGE/USD – Daily Chart

One of the main catalysts for the drop seems to be a breakout on the relative strength index (RSI), which fell below a floor at 60.00.

At the time of writing, the index is tracking at 54.98, which is marginally higher than a floor at 53.00.

DOGE has since rebounded, and is currently at $0.08815, however should the RSI continue to fall, the coin could move below $0.0850.

Solana (SOL)

Another notable mover on Wednesday was solana (SOL), which fell by as much as 9% today.

SOL/USD dropped to a bottom at $22.27 earlier in the day, which comes following Tuesday’s peak at $25.22.

As a result of the decline, solana fell to its weakest point since last Tuesday, when the token traded at a low of $20.83.

Biggest Movers: DOGE Loses Five Days' Worth of Gains on Wednesday
SOL/USD – Daily Chart

Like with dogecoin, today’s drop seems to have coincided with a breakout on the RSI indicator, which moved below 57.00.

Price strength is currently at a reading of 53.36, and is fast approaching a lower point of support at 51.00.

If this downturn continues for the remainder of the week, there is a strong possibility that SOL will move below $20.00.

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Is today’s downturn simply a matter of profit capturing? 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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