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 begin the weekend, as cryptocurrencies fell again into the pink on Saturday. As of writing, the worldwide crypto market cap is buying and selling 4.81% decrease.
Polygon (MATIC) dropped by nearly 10% to begin 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.
At the moment’s drop comes as bears now look to be focusing on a flooring of $0.7250, which was hit final Sunday.
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 within 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 (pink) and 25-day (blue) shifting averages appeared to have matured to a peak, which may sign additional draw back strikes in upcoming periods.
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.
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 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.
Just like 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.
Ought to momentum proceed to development downwards, we may see the meme coin falling again to its long-term assist level of $0.05900.
There may be some hope for bulls, nonetheless, within the type of the 10-day shifting common (pink), which seems set to cross the 25-day trendline, which may assist resurrect worth energy.
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