DOGE Down 10%, XRP Extends Declines – Market Updates Bitcoin News
Dogecoin fell by as much as 10% to start the week, as the token pulled back from Sunday’s high. The meme coin rallied to a three-week high over the weekend, but bulls appeared to have abandoned their positions and opted to take profits. Xrp, formerly known as ripple, fell for a third session in a row on Monday.
Dogecoin (DOGE)
Dogecoin (DOGE) was 10% lower on Monday as traders moved to lock in profits after recent gains.
After a high of $0.1057 on Sunday, DOGE/USD fell to an intraday low of $0.09302 to start the week.
The fall saw the token move closer to a key support point at $0.090, less than 24 hours after hitting a three-week high.
As seen in the chart, the move comes as the 14-day relative strength index (RSI) failed to break out of a ceiling of 60.00.
Currently, the index is tracking at 55.20, with the next visible support at 52.00.
Despite the current decline in price, momentum remains bullish, with the 10-day (red) moving average still positioned for an upward cross.
XRP, formerly known as ripple, was also in the red to start the week, with the token falling for a third straight day.
XRP/USD fell to an intraday low of $0.3758 during Monday’s session, pushing prices nearly 7% lower than Sunday’s high of $0.4079.
Today’s low was the weakest point for XRP since last Thursday, November 24, when the price hit a low of $0.3670.
Scrutinizing the chart, bears seem to have regained confidence, following a failed breakout of a key ceiling on the RSI.
The index failed to move above a ceiling of 50.85, with price strength now at the 44.69 level.
An upward move between the 10-day (red) and 25-day (blue) moving averages is still possible, which could mean future rallies could be coming.
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What’s Behind Monday’s Bearish Sentiment in Cryptocurrency Markets? Let us know your thoughts in the comments.
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