Dogecoin fell for a 3rd consecutive session on Friday, with the token dropping by virtually 15% in right this moment’s session. As of writing, the worldwide cryptocurrency market cap is roughly 8% decrease, with nearly all of the highest 100 within the crimson. Filecoin was one other notable mover, falling by almost 20%.

Dogecoin (DOGE)

Dogecoin (DOGE) was buying and selling decrease on Friday, with the meme coin falling for a 3rd straight session, as crypto markets moved deep into bearish territory.

The drops in worth noticed DOGE hit a low of $0.06828, with bears trying to take the token nearer to a brand new ground of $0.0660.

Friday’s decline noticed DOGE/USD hit its lowest level since August 10, when costs had been buying and selling marginally above the help level talked about above.

Dogeusd 2022 08 19 15 09 00 Ef70ADOGE/USD – Every day Chart

Wanting on the chart, this newest decline comes because the 10-day (crimson) shifting common (MA) has shifted course, and now seems to be trending downward.

This means {that a} potential cross with the 25-day (blue) MA might be on its method, which often means the start of a downturn.

Along with this, the 14-day relative energy index (RSI) is now hovering on the 46.55 stage, which is its weakest level since August 3, and this comes two days after it was monitoring at 71.58.

Total, it seems that, being overbought, merchants have liquidated some earlier positions, with bears taking the chance to reenter, as such shifting market sentiment.

Filecoin (FIL)

While DOGE was down by almost 15%, filecoin (FIL) was down by virtually 20%, leading to it being certainly one of right this moment’s largest losers.

FIL/USD slipped to a low of $6.59 earlier in right this moment’s session, which comes roughly two weeks after buying and selling near $10.00.

In the present day’s decline has pushed filecoin to its weakest level since late July, when the token was buying and selling under $6.00.

Filusd 2022 08 19 15 08 55 Df254FIL/USD – Every day Chart

Attributable to Friday’s sell-off, FIL was inside touching distance of a ground at $6.40, nonetheless bulls pushed worth greater, rejecting the breakout try.

As of writing, filecoin is buying and selling at $6.69, which is roughly 18.21% decrease than yesterday’s excessive.

This decline has pushed the RSI to a studying of 40.56, which is the bottom stage it has touched in almost a month.

There stays some optimism that bulls will purchase this present dip, nonetheless, total market stress from bears might result in the token falling to, and probably under, $6 this weekend.

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Eliman Dambell

Eliman brings a eclectic standpoint to market evaluation, having labored as a brokerage director, retail buying and selling educator, and market commentator in Crypto, Shares and FX.


Picture Credit: Shutterstock, Pixabay, Wiki Commons, viewimage / Shutterstock.com

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