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Dogecoin lost as much as 10% to start the week as the token retreated from Sunday’s high. The meme coin hit a three-week high over the weekend, but the bulls appeared to have abandoned their positions, opting for profits. Xrp, formerly known as Ripple, fell for a third consecutive session on Monday.
Dogecoin (DOGE)
Dogecoin (DOGE) was down 10% on Monday as traders moved to secure profits after recent gains.
After a high of $0.1057 on Sunday, DOGE/USD slid to an intraday low of $0.09302 to start the week.
The drop saw the token close in on a key support point of $0.090, less than 24 hours after hitting a three-week high.
As can be seen from the chart, this move comes as the 14-day Relative Strength Index (RSI) failed to break above a high of 60.00.
Currently, the index sits at 55.20, with the next support point visible at 52.00.
Despite the current price decline, the momentum still remains bullish, with the 10-day moving average (red) still positioned for an upward crossover.
XRP, formerly known as ripple, was also in the red to start the week, with the token falling for a third day in a row.
XRP/USD slid to an intraday low of $0.3758 during Monday’s session, sending prices down nearly 7% from Sunday’s high of $0.4079.
Today’s low was XRP’s lowest point since last Thursday, November 24, when the price was at lows of $0.3670.
Focusing on the chart, it looks like the bears have regained confidence, following a failed break of a key ceiling on the RSI.
The index failed to break above a high of 50.85, with price strength now at the 44.69 level.
An upward cross between the 10-day (red) and 25-day (blue) moving averages still remains possible, which could mean that future rallies may 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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