Doge falls at 5-day low on Wednesday-market tactualizations

Dogecoin slid to a five-day low on Wednesday, like the Meme Coin fell for a second session in a row. The movement caused prices to fall by over 5 % and approached an important price limit. Polygon also extended the recent declines and reached its weakest point since January 19th.

Dogecoins (Doge)

Dogecoin (Doge) fell to a five -day low on Wednesday, since the global market capitalization for cryptocurrencies today fell by up to 3 %.

After a low of $ 0.08919, Doge/USD fell to an intraday low of $ 0.08245

The movement led to Dogecoin reaching its lowest level since January 20, the last time when prices were traded at a floor of $ 0.080.

As can be seen from the chart, the decline took place when the 14-day relative strength index (RSI) collided with its own level of support at 55.00.

In addition, the sliding 10-day average (red) has now changed its direction and seems to be on downward course.

If this is done and leading to a crossover with the sliding 25-day average (blue), Doge will probably act below $ 0.080.

Vigoreck (Matic)

Polygon (Matic) was also in the minus on the humpback day, with the token moving down on the third day in a row.

MATIC/USD fell under the $ 1.00 mark in today's session, since prices fell to a low of $ 0.938.

similar to Dogecoin, today's decline in polygon has brought its weakest point since last Thursday when prices were traded at a floor of $ 0.940.

With a view to the diagram, the price strength also decreased, with the relative strength index (RSI) fell below a lower limit of 58.00

At the moment, the index is now 55.96, with a soil of 53.00 being the next possible destination for bears.

The bulls have so far rejected this increase, with Matic recovered from previous lows and is currently $ 0.9588 at the time of writing this article.

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What is behind today's declining momentum on the cryptoma markets? Share your thoughts in the comments.

Eliman Damell

Eliman brings an eclectic point of view to the market analysis. Previously, he was a brokerage director and online trading instructor. He currently acts as a commentator for various investment classes, including crypto, stocks and foreign exchange, and is also the founder of a startup.

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