{"id":20017,"date":"2023-04-19T16:43:40","date_gmt":"2023-04-19T16:43:40","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/doge-loses-five-days-worth-of-gains-on-wednesday-market-updates-bitcoin-news\/"},"modified":"2023-04-19T16:43:40","modified_gmt":"2023-04-19T16:43:40","slug":"doge-loses-five-days-worth-of-gains-on-wednesday-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/doge-loses-five-days-worth-of-gains-on-wednesday-market-updates-bitcoin-news\/","title":{"rendered":"DOGE Loses Five Days’ Worth of Gains on Wednesday \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Dogecoin saw a five-day winning streak snapped on Wednesday, with today\u2019s drop engulfing recent gains. The meme coin fell by as much as 6% in today\u2019s session, as sentiment in the crypto market shifted. Solana was also lower, plunging by 9%.<\/strong><\/p>\n

Dogecoin (DOGE)<\/h2>\n

Dogecoin (DOGE) plunged on Wednesday, as bears entered the market, snapping a five-day win streak in the process.<\/p>\n

Following a low of $0.0853 last Friday, DOGE\/USD surged to a peak of $0.0950 during yesterday\u2019s session.<\/p>\n

These gains were wiped today, as the meme coin fell to a low of $0.0851 earlier in the day.<\/p>\n

\"Biggest
DOGE\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

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.<\/p>\n

At the time of writing, the index is tracking at 54.98, which is marginally higher than a floor at 53.00.<\/p>\n

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

Solana (SOL)<\/h2>\n

Another notable mover on Wednesday was solana (SOL), which fell by as much as 9% today.<\/p>\n

SOL\/USD dropped to a bottom at $22.27 earlier in the day, which comes following Tuesday\u2019s peak at $25.22.<\/p>\n

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.<\/p>\n

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SOL\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Like with dogecoin, today\u2019s drop seems to have coincided with a breakout on the RSI indicator, which moved below 57.00.<\/p>\n

Price strength is currently at a reading of 53.36, and is fast approaching a lower point of support at 51.00.<\/p>\n

If this downturn continues for the remainder of the week, there is a strong possibility that SOL will move below $20.00.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Is today\u2019s downturn simply a matter of profit capturing? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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