Top cryptocurrencies to watch this week: DOGE, MATIC, XEC
DOGE breaks multi-week downtrend
Dogecoin began this week with a bearish footing, witnessing a combined 17.16% drop on March 18 and 19. With this discouraging decline, the cryptocurrency slipped from the $0.15 price territory to retest the early March lows at $0.1252.
While this bearish extended to the third day of the week, DOGE quickly turned the tide with a recovery campaign as the broader market showed remarkable strength. The crypto asset eventually reclaimed the $0.15 psychological price threshold, closing March 20 with an impressive 18.06% gain.
Despite the rest of the market witnessing a correction in the days that followed, DOGE retained its uptrend, rallying to a weekly high of $0.1597, as it made a push toward breaking above the downward trend line that has served as resistance to its upsurge throughout this month. This upsurge coincided with Coinbase’s move to extend DOGE futures trading.
Dogecoin slipped into the downtrend when it dropped from the March 5 high of $0.2064. The asset first aimed to breach the trend line on March 14, but faced opposition that made this push unsuccessful. However, the latest attempt appears to have yielded good results.
DOGE breached the downtrend on March 24 but faced a drop that saw it retest the trend line to establish robust support. Following this retest, the token pushed above the trend line with confidence, as it changed hands at the $0.17 territory.
Dogecoin is up 11.5% this week when the rest of the market witnesses bearish trends.