Dogecoin fell for the third consecutive session despite Elon Musk declaring earlier in this week that Tesla still holds the token. Polygon fell almost 10% on the weekend as well, with cryptocurrencies falling back to the red. At the time of writing, global crypto market capital is trading at 4.81% less.
Polygon (MATIC).
Polygon (MATIC). The weekend started with a drop of almost 10%, due to bearish pressure on crypto markets.
After a close call at the $1.00 mark, the token lost $0.8236 on Saturday.
Today’s drop comes as bears now look to be targeting a floor of $0.7250, which was hit last Sunday.
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MATIC/USD – Daily Chart
The relative strength indicator (RSI), which hovers deep within overbought territory, has led to recent declines in MATIC/USD.
This week’s index reading was 79.39, the highest since October 2021.
Additionally, both the 10-day (red), and 25-day, moving averages appeared to have reached their peak in mid June. These could be a sign of further negative moves during future sessions.
Dogecoin, (DOGE).
Dogecoin, also known as DOGE (or Dogecoin), was the topic of the week. Elon Musk, Tesla’s CEO confirmed that Dogecoin still held its meme coins.
However, since then, prices of the token have fallen in consecutive sessions, with today’s drop pushing DOGE/USD to a low of $0.06639.
The token remains up 7.4% compared to the previous week. This is despite the fact that the token surged to $0.0775 last Thursday.
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DOGE/USD – Daily Chart
Like MATIC, DOGE prices began to fall once the RSI indicator reached a maximum of 57. This opened the doors for return bears.
We could see the meme currency falling to its support price of $0.05900 if momentum continues to trend downwards.
Bulls have some hope, though, with the 10-day moving Average (red), that appears to be crossing the 25-day Trendline. This could lead to price recovery.
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Were there any chances that dogecoin could drop below $0.05900 during the next sessions? We’d love to hear your comments.
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