Dogecoin saw a five-day winning streak snapped on Wednesday, with today’s drop engulfing recent gains. The meme coin fell by as much as 6% in today’s session, as sentiment in the crypto market shifted. Solana was also lower, plunging by 9%.

Dogecoin (DOGE)

Dogecoin (DOGE) plunged on Wednesday, as bears entered the market, snapping a five-day win streak in the process.

Following a low of $0.0853 last Friday, DOGE/USD surged to a peak of $0.0950 during yesterday’s session.

These gains were wiped today, as the meme coin fell to a low of $0.0851 earlier in the day.

One of the main catalysts for the drop seems to be a breakout on the relative strength index (RSI), which fell below a floor at 60.00.

At the time of writing, the index is tracking at 54.98, which is marginally higher than a floor at 53.00.

DOGE has since rebounded, and is currently at $0.08815, however should the RSI continue to fall, the coin could move below $0.0850.

Solana (SOL)

Another notable mover on Wednesday was solana (SOL), which fell by as much as 9% today.

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Author: Eliman Dambell

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