Thursday, June 20, 2024

After experiencing a decline for six successive days, Dogecoin registered gains on Tuesday, rebounding from an important support level. Despite a generally bearish market sentiment, the cryptocurrency known for its meme origins stood out as a significant gainer in today’s trading session. Meanwhile, Polygon also saw a positive trajectory, building on its recent upward movement.

Dogecoin (DOGE)

On Tuesday, Dogecoin terminated its six-day downtrend, as its price saw an upswing from a critical support level.

Following a bottom value of $0.06246 on the previous day, the DOGE/USD trading pair reached an intraday high of $0.06422 earlier in the current session.

The positive shift in Dogecoin’s price was initiated from a base of $0.0620, and market bulls are likely setting their sights on a next resistance level at $0.0680.

DOGE/USD – Daily Technical Analysis

Examining the technical chart, the price revival can be correlated with an increase in the 14-day Relative Strength Index (RSI), which advanced from a low point of 39.00.

As of this writing, the RSI stands at 42.66, and the subsequent resistance is expected around the 47.00 level.

Should this resistance be overcome, there exists a substantial likelihood that Dogecoin will approach a price level of $0.07000.

Polygon (MATIC)

Polygon (MATIC) also saw an upward trend in today’s market activity, as its price increased for the fourth consecutive day.

The MATIC/USD pair reached a peak value of $0.5634 on Tuesday, up from an opening low of $0.5406 at the beginning of the week.

Due to this upward shift, Polygon attained its highest level since the previous Thursday, when it peaked at $0.5885.

MATIC/USD – Daily Technical Analysis

In the current bullish phase, it appears that Polygon is headed towards a crucial resistance point at $0.6000.

To achieve this, the RSI, currently measured at 40.08, will need to first surpass an imminent resistance level at 41.00.


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What are your predictions for Polygon’s continued bullish trend? Share your insights in the comment section below.

Frequently Asked Questions (FAQs) about Cryptocurrency Market Analysis

What is the primary focus of the article?

The primary focus of the article is to analyze the recent market activities of two cryptocurrencies: Dogecoin and Polygon. It explores the break in Dogecoin’s six-day losing streak and Polygon’s continued upward trend, backed by technical analysis metrics like the Relative Strength Index (RSI).

Which cryptocurrencies are discussed in the article?

The article discusses two cryptocurrencies: Dogecoin (DOGE) and Polygon (MATIC).

What significant event occurred with Dogecoin?

Dogecoin ended a six-day losing streak, rebounding from a key support level. It rose from a low of $0.06246 to an intraday high of $0.06422, with market bulls potentially targeting a next resistance level of $0.0680.

How did Polygon perform in the market?

Polygon (MATIC) extended its gains for a fourth consecutive day. Its price peaked at $0.5634 on Tuesday, marking its strongest point since the previous Thursday when it had reached a high of $0.5885.

What is the Relative Strength Index (RSI), and how is it relevant in the article?

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It is relevant in the article as it provides technical insights into the price trends of both Dogecoin and Polygon. For Dogecoin, the RSI rose from a low of 39.00 to 42.66, and for Polygon, it was tracking at 40.08.

What are the next potential resistance levels for Dogecoin and Polygon?

For Dogecoin, the next potential resistance level is around $0.0680, and should the RSI surpass 47.00, the cryptocurrency may approach $0.07000. For Polygon, a key resistance point could be $0.6000, provided the RSI moves past the 41.00 level.

How can I receive more updates like this?

You can register your email to receive the Weekly Technical Analysis Report, which will be delivered directly to your inbox.

More about Cryptocurrency Market Analysis

  • Dogecoin Official Website
  • Polygon Official Website
  • Investopedia: What is Relative Strength Index (RSI)?
  • Cryptocurrency Market Data Providers
  • Technical Analysis Basics
  • Weekly Technical Analysis Report Signup
  • Overview of Support and Resistance Levels in Trading

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10 comments

SandraT September 6, 2023 - 4:10 am

Just when I thought DOGE was done, it bounces back. Thanks for the insights, really helps for future investments.

Reply
AnnaCrypto September 6, 2023 - 9:53 am

the details on RSI are so helpful. usually its just a bunch of numbers and no one explains them.

Reply
Ron_MarketGuru September 6, 2023 - 2:27 pm

Exceptional read! Could you delve into other indicators like MACD or Bollinger Bands next time?

Reply
Jenny_Finance September 6, 2023 - 4:32 pm

Loved how you guys touched on RSI, most articles just talk about price points. Good to see some technical stuff for a change.

Reply
karenS September 6, 2023 - 6:57 pm

Very detailed. Articles like this are hard to come by, please keep them coming!

Reply
Dave_R September 6, 2023 - 8:00 pm

I got to say, this is one of the more comprehensive takes on the crypto market I’ve seen recently. Keep up the good work!

Reply
Tim_investor September 6, 2023 - 8:01 pm

any chance we could get more of these but for other cryptos like Ether or BTC?

Reply
Mike D. September 6, 2023 - 11:16 pm

Great analysis, really helped me understand the current market vibes for DOGE and MATIC. Keep it up!

Reply
steveO September 7, 2023 - 12:31 am

didnt know polygon was on a 4 day win streak. got to keep my eye on that one, thx.

Reply
cryptoFan21 September 7, 2023 - 3:11 am

So Polygon’s actually doing well huh? Maybe it’s time I diversify my portfolio a bit.

Reply

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