Dogecoin is at its highest level in over a week after Elon Musk demanded that a lawsuit filed by memecoin investors be dropped. The lawsuit alleges that Mr. Musk engaged in a pyramid scheme as a result of his recommendation of dogecoin. Litecoin was another token that rose on Saturday.
Dogecoin (DOGE)
Dogecoin (DOGE) rose on Saturday after lawyers for Elon Musk asked him to drop a lawsuit filed by memecoin investors.
Musk’s lawyer said in a statement that “it is not illegal to tweet words or funny pictures in support of a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”
After hitting a low of $0.07456 on Friday, DOGE/USD rallied to a peak of $0.07841 over the weekend.
As a result of this move, the meme coin has broken out slightly above its long-term ceiling of $0.0780.
This is because the Relative Strength Index (RSI) has also temporarily exceeded the 52.00
resistance.
As of this writing, the index is tracking at 51.99, which has mostly mitigated DOGE’s earlier rally.
Litecoin (LTC)
Litecoin (LTC) saw another notable rally to start the weekend as the token also approached a one-week high.
LTC/USD surged to an intraday high of $93.85 in less than 24 hours after trading as low as $88.34.
The rally brought Litecoin to its strongest level since last Sunday (March 26), when it climbed to a peak of $94.92.
The chart shows that today’s rally pushedLTCcloser to the $94.00 resistance point, but bulls have so far been unable to force a breakout.
This is likely due to the 14-day RSI hovering near its own ceiling at 57.00.
If the bulls move above this point,it is likely that LTCwill go above $94.00.
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