DOGE falls to $0.05900 support despite Elon Musk’s support

Dogecoin has been falling for the third straight session despite Elon Musk claiming earlier this week that Tesla still owns the token. Polygon also fell, dropping almost 10% by the start of the weekend as cryptocurrencies plunged into the red again on Saturday. Cryptocurrency market capitalization is trading down 4.81%.

Polygon (MATIC)

Polygon is down nearly 10% by the start of the weekend as bearish pressure in crypto markets intensifies.

The token fell to an intraday low of $0.8236 on Saturday, just days after breaking above the $1 mark.

Today’s decline comes as the decline now appears to be targeting the $0.7250 low that was hit last Sunday.

The recent decline in MATIC is due to the Relative Strength Index (RSI), which is in the overbought zone.

At the beginning of the week, the index reached the resistance point of 79.39, the highest level since October 2021.

On top of that, after the crossover at the end of June, the 10-day (red) and 25-day (blue) moving averages seem to have peaked, which could signal further bearish moves in the next sessions.

Dogecoin (DOGE)

Dogecoin (DOGE) has been in the news this week as Tesla CEO Elon Musk confirmed that the company still owns shares in the meme’s currency.

However, since then, the price of the token has fallen in consecutive sessions, with today’s drop pushing DOGE to a low of $0.06639.

Overall, the token is still up 7.34% from the same period last week after hitting a weekly high of $0.0775 on Thursday.

As with the MATIC, the DOGE price decline began after reaching a high of 57 on the RSI indicator, which opened the door for the return of the bears.

If the momentum continues to decline, we may see the meme return to its long-term support point of $0.05900.

However, the bulls have some hope in the form of the 10-day moving average (red) that looks set to cross the 25-day trend line, which could help revive price strength.

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