Dogecoin was trading close to a three-week low on Thursday, following the release of retail sales figures in the United States. Customer spending fell by more than expected in November, dropping by 0.6% last month. Litecoin slipped for a second successive session, falling to its lowest point since late November.
Dogecoin (DOGE) remained in the red on Thursday, as prices fell for the ninth day out of the last eleven.
The recent decline saw DOGE hit a low of $0.08694 earlier in today’s session, which is nearly 4% lower than Wednesday’s peak of $0.09224.
This move saw the meme coin fall to its lowest point since Monday, nearing a three-week low of $0.0848 in the process.
DOGE/USD – Daily Chart
Looking at the chart, bearish sentiment has increased as the 14-day relative strength index (RSI) fell from its recent floor at the 47.50 mark.
As of writing, the index is tracking at 42.40, with a floor of 40.00 the next possible destination.
Should this point of support be reached, we will likely see DOGE trading near the $0.0840 level.
Litecoin (LTC) was another notable token to fall today, with prices moving lower for a second straight day.
Following a high of $78.96 on Wednesday, LTC/USD dropped to a bottom of $74.07 earlier in the day.
As a result of this drop, litecoin moved to its lowest point since November 28, when prices hit a bottom of $70.50.
LTC/USD – Daily Chart
Like with dogecoin above, today’s sell-off coincided with the RSI hitting a low of 50.20, which is close to a floor of 50.00.
Bulls anticipating a reversal may look at this with some optimism, and could look to reenter at this point of support.
However, should this floor fail to hold firm, then we will likely see LTC edge closer to a drop below $70.00.
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Could we see litecoin rebound in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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