Dogecoin plunged to one-month lowest to begin the weekend as a wave of red in cryptocurrency markets. Avalanche fell to a 4-week low on Saturday after the token reached a crucial support level. At the time of writing, global crypto market capital is at 5.46 percent lower.
Dogecoin (DOGE) was a notable mover during Saturday’s session, as the meme coin fell to its lowest level since late July.
To start this weekend, the token fell to $0.06261 intraday. This is its lowest level since July 27, 2007.
The sell-off caused DOGE/USD to fall below $0.0650 its long-term support, two days after it traded at 0.0730.
As seen on the chart, there was another technical occurrence which triggered today’s decline — the downward cross between the 10-day (red) and 25-day (blue) moving averages (MA).
It appears that this was the signal bears waited for to reenter the market. Once it happened, floodgates opened.
As of writing, Saturday’s bleed has somewhat eased, and this comes as the 14-day relative strength index (RSI) found a floor at the 40.00 mark.
If this holds, DOGE could consolidate and possibly rebound over the coming days.
Avalanche, (AVAX), fell to an all-time low of four weeks to begin the weekend. The token’s price dropped by almost 10%, just like DOGE.
The intraday peak Friday of $23.17 was broken by AVAX/USD, which fell to $20.08 just earlier in the morning.
Like dogecoin before it, this level is the most vulnerable the token reached since July 27, following an initial breakout of support.
Although the floor mentioned was at $20.60, bears tried to lower AVAX support to $19.50.
This has been rejected by bulls, and avalanche is now trading at $20.56 after the RSI established its floor at 34.00.
However, the sentiment is still bearish with strong potential for a fall below $20.00 this weekend.
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