Biggest Movers: DOGE Drops Towards $0.05900 Support Level Despite Elon Musk Comments

Biggest Movers: DOGE Drops Towards $0.05900 Support Level Despite Elon Musk Comments

Dogecoin was down for a third straight session, despite Elon Musk stating earlier this week that Tesla was still holding the token. Polygon was also down, falling by almost 10% to start the weekend, as cryptocurrencies fell back into the red on Saturday. As of writing, the global crypto market cap is trading 4.81% lower. Polygon (MATIC)

Polygon (MATIC) dropped by almost 10% to start the weekend, as bearish pressure intensified in crypto markets.

Saturday saw the token slip to an intraday low of $0.8236, just days after nearing a breakout above the $1.00 mark.

Today’s drop comes as bears now look to be targeting a floor of $0.7250, which was hit last Sunday. MATIC/USD – Daily Chart

Recent declines in MATIC/USD have come following the relative strength index (RSI) hovering 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 crossing in late June, the 10-day (red) and 25-day (blue) moving averages seemed to have matured to a peak, which could signal further downside moves in upcoming sessions. Dogecoin (DOGE)

Dogecoin (DOGE) was in the news this week, as Tesla CEO Elon Musk confirmed that the company still had its holdings in the meme coin.

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.

Overall, the token is still up 7.34% from the same period last week, which came following a surge to a weekly high of $0.0775 on Thursday. DOGE/USD – Daily Chart

Similar to MATIC, price declines in DOGE started once a ceiling of 57 was reached in the RSI indicator, opening the door for returning bears in the process.

Should momentum continue to trend downwards, we could see the meme coin falling back to its long-term support point of $0.05900.

There is some hope for bulls, however, in the form of the 10-day moving average (red), which looks set to cross the 25-day trendline, which could help resurrect price strength.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Doge, dogecoin, Elon Musk, matic, Polygon

Could we see dogecoin fall to a floor of $0.05900 in upcoming sessions? Let us know your thoughts in the comments. Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. BNB Was the Top Ten"s Best Market Performer in Q2, Bitcoin Takes Second Place — Solana Performed the Worst MARKET UPDATES | 11 hours ago Bitcoin, Ethereum Technical Analysis: BTC Moves Towards $22,000 to Start the Weekend MARKET UPDATES | 11 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBNB Was the Top Ten’s Best Market Performer in Q2, Bitcoin Takes Second Place — Solana Performed the Worst Next articleRussia’s Media Censor Roskomnadzor Unblocks Tor Project’s Website Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher