Biggest Movers: DOGE Drops Towards $0.05900 Support Level Despite Elon Musk Comments

Dogecoin was down for a 3rd straight session, regardless of Elon Musk stating earlier this week that Tesla was nonetheless holding the token. Polygon was additionally down, falling by virtually 10% to start out the weekend, as cryptocurrencies fell again into the purple on Saturday. As of writing, the worldwide crypto market cap is buying and selling 4.81% decrease.

Polygon (MATIC)

Polygon (MATIC) dropped by virtually 10% to start out the weekend, as bearish strain intensified in crypto markets.

Saturday noticed the token slip to an intraday low of $0.8236, simply days after nearing a breakout above the $1.00 mark.

Today’s drop comes as bears now look to be focusing on a ground of $0.7250, which was hit final Sunday.

Recent declines in MATIC/USD have come following the relative energy index (RSI) hovering deep in overbought territory.

The index hit a resistance level of 79.39 earlier within the week, which was the very best studying for the indicator since October 2021.

In addition to this, after crossing in late June, the 10-day (purple) and 25-day (blue) shifting averages appeared to have matured to a peak, which might sign additional draw back strikes in upcoming periods.

Dogecoin (DOGE)

Dogecoin (DOGE) was within the information this week, as Tesla CEO Elon Musk confirmed that the corporate nonetheless had its holdings within the meme coin.

However, since then, costs of the token have fallen in consecutive periods, with at the moment’s drop pushing DOGE/USD to a low of $0.06639.

Overall, the token continues to be up 7.34% from the identical interval final week, which got here following a surge to a weekly excessive of $0.0775 on Thursday.

Similar to MATIC, worth declines in DOGE began as soon as a ceiling of 57 was reached within the RSI indicator, opening the door for returning bears within the course of.

Should momentum proceed to pattern downwards, we might see the meme coin falling again to its long-term help level of $0.05900.

There is a few hope for bulls, nevertheless, within the type of the 10-day shifting common (purple), which appears set to cross the 25-day trendline, which might assist resurrect worth energy.

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Could we see dogecoin fall to a ground of $0.05900 in upcoming periods? Let us know your ideas within the feedback.