Dogecoin rose by over 10% to start the week, as sentiment in cryptocurrency markets remained mostly bullish. The global market cap for crypto is up by 2.34% at the time of writing, which comes as a red wave swept through global stock indices. Polygon was another notable gainer on Monday.
Dogecoin (DOGE)
Dogecoin was a notable gainer on Monday, as the meme coin rallied past a key resistance level during the session.
Following a low of $0.06068 on Sunday, DOGE/USD raced to an intraday peak at the $0.06525 mark.
This surge saw dogecoin break out of a ceiling at $0.0640, hitting its highest point since August 31 in the process.
One catalyst for the move was a breakout that occurred at the 65.00 level on the 14-day relative strength index (RSI).
Currently, the index is tracking at 65.94, with remaining bulls more than likely targeting the 70.00 level.
Earlier gains have somewhat slipped, with DOGE now trading at $0.06407.
Polygon (MATIC)
In addition to dogecoin, polygon (MATIC) also surged strongly on Monday, as the cryptocurrency reached a multi-month high
MATIC/USD jumped to a peak at $0.6315 to start the week, which comes a day after trading at a low of $0.56.
Monday’s high pushed polygon to its strongest point since August 16, when price reached a top at $0.638.
As a result of the rally, MATIC’s RSI rose to a three-month high at 68.79, but failed to break out of a ceiling at 69.00.
The index is now tracking at 66.60, despite the 10-day (red) moving average being on the cusp of crossing its 25-day (blue) counterpart.
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