Dogecoin fell for the third consecutive trading day, although Elon Musk said earlier this week that Tesla still held the token. Polygon also fell, falling nearly 10% at the beginning of the weekend, as Cryptocurrency fell back to loss on Saturday
Dogecoin fell for the third consecutive trading day, although Elon Musk said earlier this week that Tesla still held the token. Polygon also fell, falling nearly 10% at the beginning of the weekend, as Cryptocurrency fell back to loss on Saturday. As of the time of writing this article, the global crypto market value has decreased by 4.81%.
Polygon (MATIC)
Polygon (MATIC) fell nearly 10% at the beginning of the weekend due to increased bearish pressure in the crypto market.
On Saturday, the token fell to an intraday low of $0.8236, just a few days after the company was close to breaking the $1.00 mark.
Today's decline is due to the fact that bears now appear to be targeting a lower limit of $0.7250, which was hit last Sunday.
The recent decline of MATIC/USD came after the Relative strength index (RSI) hovered in the overbought area.
The index hit a resistance level of 79.39 earlier this week, which is the highest reading for the index since October 2021.
In addition, after the intersection in late June, the 10 day (red) and 25 day (blue) moving averages seem to have matured to their peak, which may indicate a further downward trend in the upcoming trading day.
Dogecoin
DogecoinDOGEElon Musk
However, since then, token prices have continued to decline, and today's decline has pushed DOGE/USD to a low of $0.06639.
Overall, the token is still up 7.34% from the same period last week, after soaring to a weekly high of $0.0775 on Thursday.
Similar to MATIC, once the RSI indicator reaches the upper limit of 57, the price of DOGE will begin to decline, opening the door for returning bears.
If the trend continues to decline, we may see the meme falling back to the long-term support level of $0.05900.
However, there is still some hope among bulls, appearing in the form of a 10 day moving average (red) that appears to be crossing the 25 day trend line, which may help restore price strength.
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