DOGE Extends Recent Declines, Falls Nearly 15% on Friday – Market Updates Bitcoin News
Dogecoin fell for a third session in a row on Friday, with the token falling by nearly 15% in today’s session. At the time of writing, the global cryptocurrency market cap is about 8% lower, with the majority of the top 100 in the red. Filecoin was another notable mover, falling by almost 20%.
Dogecoin (DOGE)
Dogecoin (DOGE) traded lower on Friday, with the meme coin falling for a third session in a row, as crypto markets moved deep into bearish territory.
The price drop saw DOGE hit a low of $0.06828, with bears attempting to take the token closer to a new floor of $0.0660.
Friday’s decline saw DOGE/USD reach its lowest point since August 10, when prices traded marginally above the support point mentioned above.
Looking at the chart, this latest decline comes as the 10-day (red) moving average (MA) has reversed direction and now appears to be bearish.
This indicates that a potential cross with the 25-day (blue) MA may be on the way, which usually signifies the beginning of a downtrend.
In addition to this, the 14-day Relative Strength Index (RSI) is now hovering at the 46.55 level, which is its weakest point since August 3, and this comes two days after it followed at 71.58.
Overall, after overbought, traders appear to have liquidated some previous positions, with bears taking the opportunity to re-enter, as such shifting market sentiment.
Filecoin (FILE)
While DOGE was down almost 15%, filecoin (FIL) was down almost 20%, resulting in it being one of the biggest losers of the day.
FIL/USD fell to a low of $6.59 earlier in today’s session, which comes about two weeks after trading near $10.00.
Today’s decline has pushed filecoin to its weakest point since late July, when the token traded below $6.00.
Due to Friday’s selloff, FIL was within touching distance of a floor at $6.40, but bulls pushed the price higher and rejected the breakout attempt.
At the time of writing, filecoin is trading at $6.69, which is about 18.21% lower than yesterday’s high.
This decline has pushed the RSI to a reading of 40.56, which is the lowest level it has touched in almost a month.
There is still some optimism that bulls will buy this current decline, but the general market pressure from bears could see the token fall to, and possibly below, $6 this weekend.
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Will Friday’s sale extend into the weekend? Let us know your thoughts in the comments.
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