Biggest Movers: DOGE, AVAX Fall to 1-Month Lows on Saturday
Dogecoin fell to a one-month low to start the weekend, as a red wave swept through cryptocurrency markets. Avalanche also dropped to a four-week low on Saturday, as the token hit a key support point. As 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 dropped to an intraday low of $0.06261 to start the weekend, which is its lowest point since July 27.
As a result of the sell-off, DOGE/USD fell below its long-term support level at $0.0650, which comes two days after trading at a ceiling of $0.0730. DOGE/USD – Daily Chart
As seen on the chart, there was another technical occurrence which triggered today’s decline — the downward cross between the 10-day (red) and 25-day (blue) moving averages (MA).
This appears to have been the signal bears were waiting for before reentering the market, and once it took place, floodgates opened.
As of writing, Saturday’s bleed has somewhat eased, and this comes as the 14-day relative strength index (RSI) found a floor at the 40.00 mark.
Should this point hold firm, then we may see DOGE consolidate, and potentially rebound in coming days. Avalanche (AVAX)
Like DOGE, Avalanche (AVAX) fell to a four-week low to start the weekend, as the price of the token declined by nearly 10%.
Following a peak of $23.17 on Friday, AVAX/USD slipped to an intraday bottom of $20.08 earlier in the day.
This, as with dogecoin, is the weakest level the token has hit since July 27, and comes following a slight breakout of support. AVAX/USD – Daily Chart
The aforementioned floor was at the $20.60 level, however bears attempted to take AVAX to a lower support of $19.50.
Bulls have so far rejected this, with avalanche now trading at $20.56, after the RSI found its own floor at 34.00.
However, sentiment still remains bearish, with a strong possibility of a drop below $20.00 this weekend.
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Could now be an ideal time to buy the avalanche dip? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Crypto Economy Slides Under $1 Trillion, as Bitcoin and Ethereum Dive Below Previous Support Zones MARKET UPDATES | 3 hours ago While the Merge Led the Bear Market Rise, Hype Has Been Erased and Ethereum Now Leads the Slide MARKET UPDATES | 10 hours ago
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