Wednesday, May 29, 2024

Dogecoin emerged as a top gainer in a somewhat dormant trading session, as it ascended to a several-month high driven by traders’ response to a recent tweet by Elon Musk. Another high performer was Polkadot, witnessing an increase of almost 7%.

Dogecoin (DOGE)

The meme-based cryptocurrency, Dogecoin (DOGE), was a remarkable performer in the Friday session, hitting a several-month peak as it sustained momentum from Elon Musk’s recent tweet.

After a low point of $0.06855 on Thursday, DOGE/USD witnessed a surge, peaking at $0.07639 earlier in the day.

This surge led to Dogecoin reaching its most robust point since May 6, where its price had crossed the $0.0800 threshold.

DOGE/USD – Daily Chart

One of the catalysts fueling today’s surge was a breakout above the 62.00 level on the Relative Strength Index (RSI).

At the time of writing, the index now stands at 64.24, with an approaching resistance point of 66.00 as a potential aim for investors.

However, the earlier momentum has slightly waned, with DOGE currently trading at $0.074.

Polkadot (DOT)

In addition, Polkadot (DOT) ended the week on a high note, with the token escalating by as much as 7% in today’s session.

DOT/USD rose to a Friday high of $5.69, which came a day after hitting a low at $5.15.

Due to this rally, Polkadot attained its peak since the previous Friday, when it hit a then two-month high of $5.74.

DOT/USD – Daily Chart

The token retraced slightly after bulls failed to push gains towards a critical resistance level of $6.00.

Overall, this pullback appears to stem from the failure to overcome its resistance level at the 60.00 mark.

At the moment, the indicator is nearing this point. Should it cross this threshold, DOT is expected to ascend beyond the $6.00 mark.

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What are your predictions for Polkadot? Do you anticipate it will reach $6.00 over the weekend? Share your thoughts in the comments section.

Frequently Asked Questions (FAQs) about Cryptocurrency Performance

What drove Dogecoin’s price surge?

Dogecoin’s price surged due to traders’ response to a recent tweet by Elon Musk, marking a high point since May.

Which other cryptocurrency saw significant gains?

Alongside Dogecoin, Polkadot also saw a significant gain of almost 7% during the same trading session.

How did Dogecoin and Polkadot perform on the charts?

Dogecoin hit a multi-month peak at $0.07639, marking the highest since May 6. Polkadot also rallied, peaking at $5.69, its highest level since the previous Friday.

What was the lowest point for Dogecoin before the surge?

Before the surge, Dogecoin hit a low point of $0.06855 on Thursday.

What was Polkadot’s lowest point before its rally?

Polkadot hit a low at $5.15 a day before it rallied to $5.69.

What could be the potential target for Dogecoin buyers?

For Dogecoin buyers, an upcoming resistance point of 66.00 on the Relative Strength Index (RSI) could be a potential target.

What is the likely outcome for Polkadot if it breaks the 60.00 resistance level?

If Polkadot manages to break beyond the 60.00 resistance level, it is likely to climb past the $6.00 mark.

More about Cryptocurrency Performance

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7 comments

SatoshiNakamotor July 22, 2023 - 4:32 am

people remember, don’t invest what you cant afford to lose! the crypto market is a wild beast…

Reply
Hodl4life July 22, 2023 - 12:12 pm

pretty amazing how a single tweet can stir up the market like that.. musk’s influence is real!

Reply
BlockchainBuddy July 22, 2023 - 1:33 pm

What’s the bet, DOGE hits 10 cents by next week? No one’s talking about that resistance at 66 though…

Reply
TokenMaster78 July 22, 2023 - 2:43 pm

i think Polkadot’s got a good chance to cross the $6 mark this weekend, just needs a lil push

Reply
BearVsBull July 22, 2023 - 6:47 pm

not sure how long this DOGE rally’s gonna last… remember guys, what goes up, must come down. Stay safe out there!

Reply
EtherQueen July 22, 2023 - 6:52 pm

was bout to sell my DOGE yesterday, phew! Lucky i didn’t… this game’s all bout timing y’all

Reply
DigitalGains23 July 23, 2023 - 1:50 am

Polkadot sneakin up with a 7% rise, not too shabby at all! Is DOT the next big thing??

Reply

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