On Thursday, when markets recovered from a modest sell-off during yesterday's session, Dogecoin maintained its proximity to a two-week high. Following Tuesday's significant gains, traders have taken steps to protect their gains over the past 24 hours. Solana was about to fall under $20.
Dogecoin (DOGE)
Throughout today's session, bulls tried to keep up recent pressure as Dogecoin (DOGE) stayed near a multi-week high.
DOGE/USD rose to a high of $0.06692 earlier today after falling to a low of $0.06468 on Wednesday.
This was just a little bit below the $0.0687 peak from Tuesday, which was the meme coin's highest point since mid-August.
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| DOGE/USD - Dailychart |
Since the relative strength index (RSI) hit a resistance level of 48.00, bullish momentum has slowed recently.
Price growth has subsequently slowed, and as of this writing, it is currently tracking at the 45.92 level.
Bulls are expected to try to push the price beyond $0.0700 if the aforementioned ceiling is breached in the upcoming days.
Solana (SOL)
The price of solana (SOL), on the other hand, moved closer to a decline below $20.00 on Thursday, prolonging a current losing trend.
SOL/USD hit a low of $20.55 earlier in the day's session, following a day earlier high of $21.01.
The latest change in mood is the result of solana bulls failing to orchestrate a move past a $22 resistance level.
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| SOL/USD - Dailychart |
Depending on where the RSI lands, it currently appears inevitable that the token will drop to a floor at $20.
The index is currently reading 41.73, with a support level of 39.00 serving as a potential target for sellers.
If this floor is reached, Solana could fall below the $20.00 mark in the not-too-distant future.