DOGE, AVAX fall to 1-month lows Saturday – Market Updates Bitcoin News
Dogecoin fell to a one-month low to start the weekend as a red wave swept through cryptocurrency markets. Avalanche also fell to a four-week low on Saturday, as the token hit a key support point. At the time of writing, the global crypto market cap is trading 5.46% lower.
Dogecoin (DOGE)
Dogecoin (DOGE) was a notable mover during Saturday’s session, as the meme coin fell to its lowest level since late July.
The token fell to an intraday low of $0.06261 to start the weekend, which is its lowest point since July 27.
As a result of the selling, DOGE/USD fell below its long-term support level of $0.0650, which comes two days after trading with a ceiling of $0.0730.
As can be seen from the chart, it was another technical event that triggered today’s decline – the bearish crossover between the 10-day (red) and 25-day (blue) moving averages (MA).
This appears to have been the signal the bears were waiting for before re-entering the market, and when it did, the floodgates opened.
At the time of writing, Saturday’s bleeding has slowed somewhat, and this comes as the 14-day relative strength index (RSI) found a floor of 40.00.
Should this point hold, we could see DOGE consolidate, and potentially rally again in the coming days.
Avalanche (AVAX)
Like DOGE, Avalanche (AVAX) fell to a four-week low to start the weekend, as the price of the token fell by nearly 10%.
After a high of $23.17 on Friday, AVAX/USD fell to an intraday low of $20.08 earlier in the day.
This, as with dogecoin, is the weakest level the token has hit since July 27, and comes after a small burst of support.
The aforementioned floor was at the $20.60 level, but bears attempted to take AVAX to a lower support of $19.50.
Bulls have so far rejected this, with lavanche now trading at $20.56, after the RSI found its own floor at 34.00.
However, sentiment remains bearish, with a strong possibility of a drop below $20.00 this weekend.
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