DOGE Down 10%, XRP Extends Declines – Bitcoin News Market Updates

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.

DOGE/USD – Daily Chart

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.

XRP/USD – Daily Chart

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.

Register your email here to receive weekly price analysis updates delivered to your inbox:

What’s Behind Monday’s Bearish Sentiment in Cryptocurrency Markets? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Leave a Reply

Your email address will not be published. Required fields are marked *