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 nearly 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 nearly 10% to start out the weekend, as bearish stress 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.
Immediately’s drop comes as bears now look to be concentrating on a flooring of $0.7250, which was hit final Sunday.
MATIC/USD – Every day Chart
Latest 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 in the week, which was the very best studying for the indicator since October 2021.
Along with 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 in the information this week, as Tesla CEO Elon Musk confirmed that the corporate nonetheless had its holdings in the meme coin.
Nevertheless, since then, costs of the token have fallen in consecutive periods, with right this moment’s drop pushing DOGE/USD to a low of $0.06639.
Total, the token remains 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.
DOGE/USD – Every day Chart
Just like MATIC, worth declines in DOGE began as soon as a ceiling of 57 was reached in the RSI indicator, opening the door for returning bears in the method.
Ought to momentum proceed to development downwards, we might see the meme coin falling again to its long-term help level of $0.05900.
There’s some hope for bulls, nevertheless, in the type of the 10-day shifting common (purple), which appears to be like set to cross the 25-day trendline, which might assist resurrect worth energy.
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