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

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Dogecoin has been falling for the third straight session despite Elon Musk saying earlier this week that Tesla is still holding onto the token. Polygon also fell, dropping almost 10% by the start of the weekend as cryptocurrencies plunged into the red again on Saturday. At the time of writing, the global market cap of cryptocurrencies is trading 4.81% lower.

Polygon (MATIC)

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Polygon (MATIC) was down almost 10% by the start of the weekend as bearish pressure in the cryptocurrency markets intensified.

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The token dropped to an intraday low of $0.8236 on Saturday, just a few days after coming close to breaking above the $1 mark.

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Today’s drop came as the bears are now targeting the $0.7250 low that was reached last Sunday.

MATIC/USD – daily chart

The recent decline in MATIC/USD came after the Relative Strength Index (RSI) fluctuated deep into the overbought zone.

At the beginning of the week, the index reached the resistance point of 79.39, the highest reading since October 2021.

In addition to this, after the crossover at the end of June, the 10-day (red) and 25-day (blue) moving averages seem to have peaked, which may signal further downward movement in the upcoming sessions.

Dogecoin (DOGE)

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

However, the price of the token has been falling in consecutive sessions since then, with today’s drop pushing DOGE/USD to a low of $0.06639.

Overall, the token is still up 7.34% compared to the same period last week, after jumping to a weekly high of $0.0775 on Thursday.

DOGE/USD – daily chart

As with the MATIC, the DOGE decline began after the RSI hit a ceiling of 57, opening the door for a bearish return in the process.

If the momentum continues to decline, we may see the meme coin pull back to its 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) that looks to cross the 25-day trendline, which could help revive price strength.

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Can we see dogecoin drop to a low of $0.05900 in upcoming sessions? Let us know your thoughts in the comments.

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