Dogecoin (DOGE)
Dogecoin (DOGE) has fallen for a fourth consecutive session, with bears regaining momentum after last week’s gains. The price of DOGE/USD dropped to an intraday low of $0.06893, its lowest level since July 19. This decline is attributed to a death cross, as the moving averages crossed downwards, and a drop below a support point at $0.0730. The relative strength index (RSI) also dropped to a reading of 39.10, its lowest in four weeks.
Key Points:
- DOGE/USD dropped to its lowest level since July 19
- Moving averages experienced a death cross
- DOGE moved below a support point at $0.0730
- RSI dropped to a reading of 39.10, its lowest in four weeks
XRP
XRP, formerly known as ripple, also saw a decline, reaching a multi-week low. XRP/USD hit a bottom of $0.5918, its lowest point since mid-July. The sell-off was triggered by a breakout of a support point at the 40.00 mark on the RSI indicator. The RSI is now at 36.76, its weakest point since May. Bulls will need to drop below a floor at the 32.00 zone to prevent further price drops.
Key Points:
- XRP/USD reached its lowest point since mid-July
- A support point at the 40.00 mark on the RSI indicator was broken
- RSI is now at 36.76, its weakest point since May
- Bulls need to drop below the 32.00 zone to prevent further drops
Hot Take
The recent declines in Dogecoin and XRP indicate a bearish trend in the cryptocurrency market. The death cross and breakouts of support points are concerning signs for investors. It remains to be seen if these cryptocurrencies can regain their momentum and recover from their current lows.
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