Dogecoin fell to a one-month low to start the weekend as a red wave in the cryptocurrency markets. The avalanche also dropped to a four-week low on Saturday as the coin reached a key support point. At the time of writing, the global crypto market cap is down by 5.46%.
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 coin started the weekend with an intraday low of $0.06261, its lowest point since July 27.
As a result of the sell-off, DOGE/USD fell below its long-term support at $0.0650, which comes two days after trading at a high of $0.0730.
As seen on the chart, there was another technical event that triggered today’s decline – a downward cross between the 10-day (red) and 25-day (blue) moving averages (MA).
It appears that the signal bears were waiting before re-entering the market, and once that happened, the floodgates opened.
As of writing, Saturday’s bloodline has turned somewhat lower, and this comes as the 14-day Relative Strength Index (RSI) found a floor at the 40.00 mark.
If this point remains stable, we could see DOGE consolidating, and potentially a rally in the coming days.
Avalanche (AVAX)
Like DOGE, Avalanche (AVAX) began the weekend with a four-week low as the coin lost nearly 10% in price.
After Friday’s peak of $23.17, AVAX/USD slipped to an intraday bottom of $20.08 earlier in the day.
This, like Dogecoin, is the token’s weakest level since July 27, and comes after a minor breakout of support.
The above floor was at the $20.60 level, although the bears made an attempt to take AVAX to the lower support level of $19.50.
The bulls have so far rejected it after the RSI found its floor at 34.00, the avalanche is now trading at $20.56.
However, the sentiment remains bearish, with a strong possibility of a downside break below $20.00 for the end of the week.
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