Regardless of the final week’s bearish setting, prime cryptocurrencies like Dogecoin (DOGE) and eCash (XEC) recorded spectacular features. Polygon (MATIC), nonetheless, underperformed.
The worldwide cryptocurrency market cap misplaced $140 billion in valuation, dropping to $2.49 trillion as of Sunday, Match 24.
Right here’s a glance again on the present occasions involving this week’s prime cryptocurrencies.
DOGE breaks the multi-week downtrend
Dogecoin started this week with a bearish footing, witnessing a mixed 17.16% drop on March 18 and 19. With this discouraging decline, the cryptocurrency slipped from the $0.15 worth territory to retest the early March lows at $0.1252.
Whereas this bearish prolonged to the third day of the week, DOGE rapidly turned the tide with a restoration marketing campaign because the broader market confirmed outstanding power. The crypto asset ultimately reclaimed the $0.15 psychological worth threshold, closing on March 20 with a powerful 18.06% acquisition.
Regardless of the remainder of the market witnessing a correction within the days that adopted, DOGE retained its uptrend, rallying to a weekly excessive of $0.1597, because it made a push towards breaking above the downward pattern line that has served as resistance to its upsurge all through this month. This upsurge coincided with Coinbase’s transfer to increase DOGE futures buying and selling.
Dogecoin slipped into the downtrend when it dropped from the March 5 excessive of $0.2064. The asset first aimed to breach the pattern line on March 14, however confronted opposition that made this push unsuccessful. Nevertheless, the newest try seems to have yielded good outcomes.
DOGE breached the downtrend on March 24 however confronted a drop that noticed it retest the pattern line to determine sturdy assist. Following this retest, the token pushed above the pattern line with confidence, because it modified arms on the $0.17 territory.
Dogecoin is up 11.5% this week when the remainder of the market witnesses bearish developments.
MATIC drops under $1 amid 9% decline
Polygon adopted the pattern of the broader market, shedding $1.1 billion from its market cap amid a decline that noticed it break under pivotal psychological assist ranges.
Like Dogecoin and the remainder of the market, Polygon began the week on unfavorable grounds, recording two days of consecutive losses on March 18 and 19, with a mixed lack of 14.87%. MATIC ultimately gave up the $1 territory amid this decline, closing on March 19 at $0.9317.
The following day launched some good fortunes because the asset leveraged the market-wide restoration to reclaim the $1 worth. Nevertheless, the times that adopted marked the distinction between Polygon and Dogecoin. The previous dropped with the remainder of the market over the following two days, forfeiting the $1 threshold.
MATIC is now trying to once more recuperate this territory, however sharp opposition from the bears has slowed down its development. Regardless of recording a light intraday win on March 23, DOGE continues to commerce under $1, with a 9.42% decline this week.
XEC sees a huge 26% intraday acquire
Whereas eCash adopted the trajectory set by Bitcoin for the broader market all through this week, its turning level got here up on March 24, when it recorded its second-highest intraday acquire of the 12 months.
Like the remainder of the market, XEC additionally noticed a bearish beginning to the week, earlier than witnessing a restoration on March 20 in an 11.08% acquire. Nevertheless, the cryptocurrency consolidated between March 22 and 23, whereas the broader market skilled a second spherical of selloffs.
Amid this consolidation, XEC sternly defended the $0.00005 zone, trying to leverage it for the following run. This plan was profitable, as eCash’s worth shot up by as much as 26.32% on March 23, permitting the crypto asset to clinch a two-week excessive of $0.00006919 earlier than seeing a light correction.
Regardless of a 2.48% drop at present, eCash has retained a lot of the features picked up on March 23. The asset has held up nicely above the $0.00006 threshold, altering arms at $0.00006305 with a 15.2% acquire this week.