Dogecoin fell for a third consecutive session on Friday, with the token dropping by almost 15% in today’s session. The global cryptocurrency market cap has fallen by approximately 8% as of today’s writing. Most of the 100 top-ranked coins are in red. Filecoin, which fell by almost 20% was also a notable player.
Dogecoin (DOGE), which was traded lower Friday, saw the meme coin fall for the third consecutive session as crypto markets moved deeper into bearish territory.
DOGE fell to $0.06828 at the lowest, and bears attempted to bring it closer to $0.0660.
Friday’s decline saw DOGE/USD hit its lowest point since August 10, when prices were trading marginally above the support point mentioned above.
The chart shows that the latest drop is due to the fact the 10-day moving average (MA), which has been in red, shifting direction. It now appears the trend is downward.
It could indicate that the cross with the blue 25-day MA (blue) may be imminent, which typically means the start of a downturn.
In addition, the 14 day relative strength index (RSI), is hovering around the 46.55 mark, its lowest point since August 3. This is two days after the 71.58 level.
The overall trend is that traders were overbought. As such, bears have taken the chance to exit, shifting market sentiment.
Whilst DOGE was down by nearly 15%, filecoin (FIL) was down by almost 20%, resulting in it being one of today’s biggest losers.
FIL/USD slipped to a low of $6.59 earlier in today’s session, which comes roughly two weeks after trading close to $10.00.
Today’s decline has pushed filecoin to its weakest point since late July, when the token was trading below $6.00.
Due to Friday’s sell-off, FIL was within touching distance of a floor at $6.40, however bulls pushed price higher, rejecting the breakout attempt.
As of writing, filecoin is trading at $6.69, which is approximately 18.21% lower than yesterday’s high.
This has caused the RSI reading to reach 40.56. It is at its lowest point in almost a whole month.
While there are still signs of optimism that bulls might buy the current dip, market pressures from bears may lead to the token dropping to or below $6 this weekend.
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Will Friday’s sell-off extend into the weekend? Please share your views with us in the comments.
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