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%.
DOGE/USD – Daily Chart
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.
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.
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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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
- Dogecoin’s Official Website
- Polkadot’s Official Website
- Elon Musk’s Twitter Page
- Cryptocurrency Market Analysis
- Understanding Relative Strength Index (RSI)