{"id":23753,"date":"2022-07-23T20:56:40","date_gmt":"2022-07-23T20:56:40","guid":{"rendered":"http:\/\/egrowonline.com\/?p=23753"},"modified":"2022-07-23T20:56:40","modified_gmt":"2022-07-23T20:56:40","slug":"doge-drops-towards-0-05900-support-level-despite-elon-musk-comments-market-updates-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=23753","title":{"rendered":"DOGE Drops Towards $0.05900 Support Level Despite Elon Musk Comments \u2013 Market Updates Bitcoin News"},"content":{"rendered":"


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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.<\/strong><\/p>\n

Polygon (MATIC)<\/h2>\n

Polygon (MATIC) dropped by almost 10% to start the weekend, as bearish pressure intensified in crypto markets.<\/p>\n

Saturday saw the token slip to an intraday low of $0.8236, just days after nearing a breakout above the $1.00 mark.<\/p>\n

Today\u2019s drop comes as bears now look to be targeting a floor of $0.7250, which was hit last Sunday.<\/p>\n

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MATIC\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n<\/p>\n<\/dt>\n<\/dl>\n<\/div>\n

Recent declines in MATIC\/USD have come following the relative strength index (RSI) hovering deep in overbought territory.<\/p>\n

The index hit a resistance point of 79.39 earlier in the week, which was the highest reading for the indicator since October 2021.<\/p>\n

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.<\/p>\n

Dogecoin (DOGE)<\/h2>\n

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.<\/p>\n

However, since then, prices of the token have fallen in consecutive sessions, with today\u2019s drop pushing DOGE\/USD to a low of $0.06639.<\/p>\n

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.<\/p>\n

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DOGE\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n<\/p>\n<\/dt>\n<\/dl>\n<\/div>\n

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.<\/p>\n

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

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.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Could we see dogecoin fall to a floor of $0.05900 in upcoming sessions? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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