Litecoin and Dogecoin Drop as Crypto Market Sees Red Wave

Litecoin and Dogecoin Drop as Crypto Market Sees Red Wave

Litecoin drops by 6% as a red wave sweeps through the crypto market, pushing LTC/USD to a bottom of $85.87, its weakest point since May 15.

Litecoin was a notable mover on Wednesday, as the crypto token dropped by as much as 6 percent in today’s session. The decline came as a red wave swept through the cryptocurrency market, leading to the worldwide cap sliding by 2 percent at the time of writing. Dogecoin (DOGE) likewise dropped, hitting a two-week low.

Litecoin (LTC)

Litecoin (LTC) was one of Wednesday’s largest movers, as the crypto token dropped by as much as 6 percent in today’s session.

LTC/USD dropped to a bottom of $85.87 earlier in the day, less than 24 hours after hitting a high of $91.79.

The decline in price pushed litecoin to its lowest level since May 15, when it last broke out of a floor at $85.00.

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From the chart, it appears that today’s move transpired as the relative strength index (RSI) dropped below a level of support of 50.00.

As of now, price strength is now tracking at 46.95, with the following visible floor at the 39.00 mark.

Despite the fact that LTC has rebounded from an earlier low, and is now currently worth $86.61, a breakout below $85.00 remains possible.

Dogecoin (DOGE) (DOGE)

Dogecoin (DOGE) was likewise in the red on Wednesday, as it dropped to a multi-week low of its own.

Following a high of $0.07305 on Tuesday, DOGE/USD slipped to a low of $0.07103 in today’s session.

This fall in price pushed the meme cryptocurrency to its lowest point since May 12, which is the last time it traded under $0.07000.

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In general, Dogecoin (DOGE) has mostly consolidated betwixt the aforementioned low, and a resistance level at $0.0750 during the previous few weeks.

To be able to move away from this current threshold, a ceiling of 43.00, or floor at 36.00 will must be broken.

At the time of publication, the index is at a reading of 37.42.

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