DOGE falls towards $0.05900 support level despite Elon Musk’s support

Dogecoin was down for a third straight session, despite Elon Musk saying earlier this week that Tesla still holds the token. Polygon was also down, falling nearly 10% to start the weekend, as crypto-currencies fell back into the red on Saturday. The market capitalization of crypto-currencies is trading down 4.81%.

Polygon (MATIC)

Polygon fell nearly 10% to start the weekend as bearish pressure intensifies in the crypto markets.

On Saturday, the token slipped to an intraday low of $0.8236, just days after coming close to breaking above the $1.00 mark.

Today’s drop comes as declines now appear to be targeting a low of $0.7250, which was reached last Sunday.

The recent declines in the MATIC are due to the relative strength index (RSI) being in overbought territory.

The index reached a resistance point of 79.39 earlier this week, which is the highest reading for the indicator since October 2021.

On top of that, after crossing at the end of June, the 10-day (red) and 25-day (blue) moving averages appear to have peaked, which could signal further bearish moves in the coming sessions.

Dogecoin (DOGE)

Dogecoin (DOGE) has been in the news this week, with Tesla CEO Elon Musk confirming that the company still holds a stake in the meme currency.

However, since then, prices for the token have fallen in consecutive sessions, with today’s drop pushing DOGE to a low of $0.06639.

Overall, the token is still up 7.34% from this time last week, after hitting a weekly high of $0.0775 on Thursday.

As with MATIC, DOGE’s price declines began once the 57 ceiling was reached in the RSI indicator, opening the door for bears to return in the process.

If momentum continues to move lower, we could see the currency meme fall back to its long-term support point of $0.05900.

There is some hope for the bulls, however, in the form of the 10-day moving average (red), which looks poised to cross the 25-day trend line, which could help resurrect price strength.