DOGE Falls Towards $0.05900 Support Level Despite Elon Musk Comments – Market Updates Bitcoin News
Dogecoin was down for a third session in a row, despite Elon Musk stating earlier this week that Tesla still held the token. Polygon was also down, falling nearly 10% to start the weekend, as cryptocurrencies fell back into the red on Saturday. At the time of writing, the global crypto market cap is trading 4.81% lower.
Polygon (MATIC)
Polygon (MATIC) fell nearly 10% to start the weekend, as bearish pressure increased in the crypto markets.
On Saturday, the token fell to an intraday low of $0.8236, just days after approaching a breakout above the $1.00 mark.
Today’s drop comes as the bears now appear to be targeting a floor of $0.7250, which was hit last Sunday.
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MATIC/USD – Daily chart
The latest declines in MATIC/USD have come after the relative strength index (RSI) hovers deep in overbought territory.
The index hit a resistance point of 79.39 earlier in the week, which was the highest reading for the indicator since October 2021.
In addition to this, after the late June crossing, the 10-day (red) and 25-day (blue) moving averages appeared to have matured into a top, which may signal further downside moves in upcoming sessions.
Dogecoin (DOGE)
Dogecoin (DOGE) was in the news this week, when Tesla CEO Elon Musk confirmed that the company still held its holdings in the meme coin.
Since then, however, prices of the token have fallen in successive sessions, with today’s drop pushing DOGE/USD to a low of $0.06639.
Overall, the token is still up 7.34% from the same period last week, which came after a rise to a weekly high of $0.0775 on Thursday.
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DOGE/USD – Daily chart
Like MATIC, the price decline in DOGE started when a ceiling of 57 was reached in the RSI indicator, opening the door for bear returns in the process.
Should momentum continue to trend down, we could see the meme coin fall back to its long-term support point of $0.05900.
However, there is some hope for bulls in the form of the 10-day moving average (red), which appears to be crossing the 25-day trend line, which could help revive price strength.
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Could we see dogecoin fall to a floor of $0.05900 in coming sessions? Let us know your thoughts in the comments.
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