Dogecoin Surges Past Resistance Level
Dogecoin (DOGE) experienced a significant surge on Monday, surpassing a key resistance level during the trading session. After reaching a low of $0.06068 on Sunday, DOGE/USD soared to an intraday high of $0.06525. This breakout allowed dogecoin to break through the ceiling at $0.0640, marking its highest point since August 31.
One of the catalysts for this movement was the breakout that occurred at the 65.00 level on the 14-day relative strength index (RSI). Currently, the RSI is tracking at 65.94, with bulls likely targeting the 70.00 level in the near future. However, DOGE’s gains have slightly slipped, and it is currently trading at $0.06407.
Polygon Reaches Multi-Month High
Alongside dogecoin, polygon (MATIC) also experienced a strong surge on Monday, reaching a multi-month high. MATIC/USD surged to a peak of $0.6315 at the beginning of the week, following a low of $0.56 just a day prior. This price level represents polygon’s strongest point since August 16 when it reached $0.638.
The rally led to an increase in MATIC’s RSI, which reached a three-month high at 68.79 but failed to break through the ceiling at 69.00. Currently, the RSI is tracking at 66.60, despite the 10-day moving average being close to crossing its 25-day counterpart.
Hot Take: Dogecoin and Polygon Gain Momentum in Bullish Crypto Market
Dogecoin and polygon are both showing strong momentum in the cryptocurrency market, as sentiment remains mostly bullish. Dogecoin’s breakout past a key resistance level and polygon’s multi-month high indicate growing investor interest in these cryptocurrencies. The global market cap for crypto has also increased by 2.34% at the time of writing, despite a red wave sweeping through global stock indices. As the crypto market continues to evolve, it will be interesting to see if dogecoin and polygon can sustain their upward trajectory.
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