Biggest Movers: DOGE Loses Five Days' Worth of Gains on Wednesday

newsbtcPubblicato 2023-04-20Pubblicato ultima volta 2023-04-20

Introduzione

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%.

Biggest Movers: DOGE Loses Five Days' Worth of Gains on Wednesday

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.

Biggest Movers: DOGE Loses Five Days' Worth of Gains on Wednesday

DOGE/USD – Daily Chart

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.

SOL/USD dropped to a bottom at $22.27 earlier in the day, which comes following Tuesday’s peak at $25.22.

As a result of the decline, solana fell to its weakest point since last Tuesday, when the token traded at a low of $20.83.

SOL/USD – Daily Chart

Like with dogecoin, today’s drop seems to have coincided with a breakout on the RSI indicator, which moved below 57.00.

Price strength is currently at a reading of 53.36, and is fast approaching a lower point of support at 51.00.

If this downturn continues for the remainder of the week, there is a strong possibility that SOL will move below $20.00.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Doge, dogecoin, SOL, Solana

Is today’s downturn simply a matter of profit capturing? Let us know your thoughts in the comments.

Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Bitcoin, Ethereum Technical Analysis: BTC Nears Breakout Below $29,000 on Wednesday
MARKET UPDATES | 3 hours ago

Biggest Movers: LINK Jumps to 6-Month High, LTC Back Above $100
MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article
Musk to Launch ‘Truthgpt,’ Says Microsoft-Backed Chatbot Is Trained to Lie

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com 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.

Read disclaimer
Show comments

More Popular News
In Case You Missed It

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.

NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales

Fidelity Investments Launches Crypto, Metaverse ETFs — Says 'We Continue to See Demand'

UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse

Economist Predicts the Fed's Response to Inflation Will Push Crypto Higher

Letture associate

U.S. Tax Service Details New Cryptocurrency Fraud Scheme

The U.S. Internal Revenue Service (IRS) has warned of a new cryptocurrency fraud scheme. Scammers are sending paper letters impersonating official U.S. Department of the Treasury and IRS correspondence. These letters urge Americans to urgently register on a non-existent platform called the "Digital Asset Compliance Portal." The fraudulent letters contain QR codes linking to a phishing website disguised as the official IRS site. Victims are prompted to disclose their cryptocurrency exchange or wallet provider (examples given include Coinbase, Kraken, and Ledger) and the amount of crypto assets they hold. Jarod Koopman, Chief of the IRS Criminal Investigation Division, stated that criminals are exploiting public trust in government institutions by creating convincing fake websites and official-looking correspondence. According to the investigation, the infrastructure for this scam was set up just days before the mailing campaign began, using a domain registered through a Hong Kong-based registrar. The IRS assured taxpayers that it does not require them to provide wallet information via third-party sites or to click links from suspicious messages. The agency advised Americans to verify the authenticity of any notifications through official channels, such as making a phone call. This alert follows a recent FBI warning about a separate fraudulent scheme targeting cryptocurrency wallet holders on the Tron network.

cryptonews.ru10 min fa

U.S. Tax Service Details New Cryptocurrency Fraud Scheme

cryptonews.ru10 min fa

Inside the Fed, Hawkish Sentiments Strengthen: Three Members Explain Why They Want an Interest Rate Hike!

Although the U.S. Federal Reserve held interest rates steady as expected in July, several officials dissented, advocating for an increase. Cleveland Fed President Beth Hammack argued that high inflation is likely persistent and won't spontaneously fall to the 2% target, warning that delays could necessitate more aggressive future hikes. Minneapolis Fed President Neel Kashkari emphasized the risk of inflation becoming entrenched, favoring a gradual tightening approach. He suggested small, preemptive steps would allow the Fed to better manage the economic impact compared to waiting and potentially needing harsher measures later. Dallas Fed President Lorie Logan also supported a rate hike, stressing the need for immediate action to address high inflation. All three officials had similarly opposed the decision to pause rate hikes at the Fed's April meeting.

cryptonews.ru50 min fa

Inside the Fed, Hawkish Sentiments Strengthen: Three Members Explain Why They Want an Interest Rate Hike!

cryptonews.ru50 min fa

Has Bitcoin Bottomed, or Is a 'Shakeout' Approaching? What's the Situation with XRP?

Cryptocurrency analytics platform Santiment shared key insights on Bitcoin and altcoin markets, highlighting significant signals from on-chain data. Analysis shows Bitcoin's 365-day MVRV ratio has fallen to -26%, indicating substantial losses for long-term holders, a level historically associated with market bottom formations and long-term buying opportunities. While short-term MVRV is near breakeven, suggesting no clear directional signal, the annual perspective points to a bottom before bullish cycles. On-chain data reveals divergent behavior: large wallets (10-10,000 BTC) have been accumulating, adding ~18,500 BTC in 10 days, while smaller retail investors continue buying dips. Analysts caution that high retail demand can sometimes create a risk of a final market shakeout or correction. The altcoin market shows a mixed picture. Ethereum's 365-day MVRV is around -33%, but recent monthly gains combined with overly optimistic social sentiment pose a short-term correction risk. XRP is in oversold territory with 30-day and 365-day MVRVs at -57.5% and -45.5% respectively, signaling potential for a strong mid-to-long term rebound. Social activity and optimism are rising for Solana, while investor sentiment remains calmer towards Cardano. Future direction for Bitcoin and altcoins depends not only on on-chain metrics but also on macroeconomic and regulatory developments. The Federal Reserve's interest rate decision and upcoming policy rulings are increasing market volatility expectations, while uncertainty around the U.S. Congressional clarity process continues to pressure pricing. *This is not investment advice.

cryptonews.ru1 h fa

Has Bitcoin Bottomed, or Is a 'Shakeout' Approaching? What's the Situation with XRP?

cryptonews.ru1 h fa

Rumors Spread About Altcoin: Former Employees Speak Out

Rumors are circulating about the Solana-based meme launchpad Pump.fun allegedly conducting employee layoffs just before significant token unlocks. According to reports, the company began terminating employees around two months before their $PUMP tokens were scheduled to vest. At least one former employee reportedly lost tokens now valued at over $1 million. Internal documents suggest Pump.fun cited overly rapid growth as a reason for layoffs starting in early April. Terminated employees were offered severance, but the major loss stemmed from forfeiting their allocated $PUMP tokens per their agreements, which stipulated a four-year vesting schedule. A second wave of layoffs reportedly occurred in mid-July, with claims that some employees were dismissed just one day before their tokens unlocked. The total number of employees let go over two months is said to exceed 40. Pump.fun co-founders have not commented. Despite an approximate 79% drop from its 2025 peak, $PUMP retains substantial value. The platform itself has been highly profitable since late 2024, generating around $1.3 billion in total revenue and facilitating the creation of over 20.8 million tokens, with daily revenue reportedly still near $1 million.

cryptonews.ru2 h fa

Rumors Spread About Altcoin: Former Employees Speak Out

cryptonews.ru2 h fa

Ethereum Experiences a 43-Day Queue for Staking: But According to One Expert, This Is Not a True Bull Signal

A 43-day queue has formed for staking on Ethereum, with about 2.5 million ETH awaiting activation due to a surge in new validators. However, Thomas Brunner of Sygnum Bank cautions that this backlog should not be seen as a direct bullish signal. He explains it reflects institutional demand but is heavily influenced by Ethereum's protocol mechanics, like the post-Dencun daily validator activation limit of ~57,600 ETH, unchanged with the Pectra upgrade. Pectra allows topping up existing validators, but even small additions join the same activation queue as new stakers. Therefore, the queue comprises not just new investor demand but also restaking and reward compounding from existing participants. Brunner suggests a stronger positive signal is the nearly empty withdrawal queue, indicating current stakers are holding. He notes institutional interest persists despite ETH price weakness, viewing staking yield as a core feature, though privacy concerns over on-chain traceability remain a key barrier to faster institutional adoption.

cryptonews.ru3 h fa

Ethereum Experiences a 43-Day Queue for Staking: But According to One Expert, This Is Not a True Bull Signal

cryptonews.ru3 h fa

Trading

Spot