Dogecoin and Polygon Surge as Cryptocurrency Market Remains Bullish

Dogecoin (DOGE)

Dogecoin experienced a significant rise of over 10% at the beginning of the week, reflecting the overall bullish sentiment in the cryptocurrency market. The global market cap for crypto has also increased by 2.34% at the time of writing, despite a downturn in global stock indices.

On Monday, Dogecoin made notable gains as the meme coin surpassed a key resistance level during the session. After hitting a low of $0.06068 on Sunday, DOGE/USD quickly surged to an intraday peak of $0.06525. This breakthrough allowed dogecoin to break out of the $0.0640 ceiling, reaching its highest point since August 31.

One of the catalysts for this surge was a breakout that occurred at the 65.00 level on the 14-day relative strength index (RSI). Currently, the index is tracking at 65.94, and it is likely that remaining bulls will aim for the 70.00 level. Although DOGE's earlier gains have slightly slipped, it is currently trading at $0.06407.

Polygon (MATIC)

In addition to Dogecoin, Polygon (MATIC) also experienced a strong surge on Monday, reaching a multi-month high. MATIC/USD jumped to a peak of $0.6315 to kick off the week, following a low of $0.56 the previous day. This high pushed Polygon to its strongest point since August 16, when the price reached a top at $0.638.

As a result of this rally, MATIC's RSI rose to a three-month high at 68.79, although it failed to break out of the 69.00 ceiling. Currently, the index is tracking at 66.60, despite the 10-day (red) moving average being on the verge of crossing its 25-day (blue) counterpart.

What are your thoughts on the potential retreat of Polygon bulls in the coming days? Share your opinions in the comments below.


How To

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By: Eliman Dambell
Title: Dogecoin and Polygon Surge as Cryptocurrency Market Remains Bullish
Sourced From:
Published Date: Mon, 23 Oct 2023 15:15:07 +0000

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