Dogecoin was down for the third consecutive session, despite Elon Musk’s statement earlier this week that Tesla still holds the token. Polygon was also down, falling nearly 10% to start the weekend as the cryptocurrency returned to the red on Saturday. At the time of writing, the global crypto market cap is trading 4.81% lower.
Polygon (MATIC)
Polygon (MATIC) fell about 10% to start the weekend as bearish pressure increased in the crypto market.
Saturday fell to an intraday low of $0.8236, just a few days after the token came close to breaking out above the $1.00 mark.
Today’s decline comes as the bears appear to be targeting the $0.7250 low hit last Sunday.
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MATIC/USD – Daily Chart
The recent decline in MATIC/USD has been deep in overbought territory with the relative strength index (RSI) This is in response to the fact that the RSI has been in overbought territory.
The indicator reached a resistance point of 79.39 earlier in the week, the highest for the index since October 2021.
In addition to this, the 10-day (red) and 25-day (blue) moving averages appear to have matured to a peak after crossing in late June, which could signal further downside movement in the coming sessions.
Dogecoin (DOGE)
Dogecoin (DOGE) has been in the news this week as Tesla CEO Elon Musk confirmed that the company still owns the meme coin.
Since then, however, the token’s price has fallen continuously, 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, and this comes after it surged to a weekly high of $0.0775 on Thursday.
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DOGE/USD – Daily Chart .
Like MATIC, the price decline in DOGE began when it reached a ceiling of 57 on the RSI indicator, opening the door for returning bears in the process.
If momentum continues its downward trend, the meme coin could fall to the long-term support point of $0.05900.
However, there is some hope for the bulls in the form of the 10-day moving average (red), which could help revive price strength as it appears to cross the 25-day trend line.
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