DOGE, MATIC, XEC: Prominent cryptocurrencies to keep an eye on this week
In the face of a bearish market, popular cryptocurrencies Dogecoin (DOGE) and eCash (XEC) managed to achieve impressive gains, while Polygon (MATIC) underperformed. The global cryptocurrency market cap experienced a loss of $140 billion, dropping to $2.49 trillion as of March 24.
Dogecoin started the week with a bearish trend, experiencing a 17.16% drop on March 18 and 19. This caused the cryptocurrency’s price to fall from $0.15 to retest the lows of early March at $0.1252. However, DOGE quickly reversed this decline and reclaimed the $0.15 price level, closing March 20 with an 18.06% gain. Despite the correction in the broader market, DOGE maintained its uptrend and reached a weekly high of $0.1597 as it attempted to break the downward trend line that has been resisting its surge throughout the month. This coincided with Coinbase’s announcement of extending DOGE futures trading. On March 24, DOGE breached the downtrend and retested the trend line for support before confidently moving above it and trading at $0.17. DOGE has gained 11.5% this week while the rest of the market has been bearish.
Polygon, like the rest of the market, started the week with losses, shedding $1.1 billion from its market cap. It dropped below key psychological support levels and lost the $1 threshold. Despite briefly reclaiming $1 with the market-wide recovery, Polygon experienced further losses and is now struggling to regain the $1 territory due to strong resistance from bears. It has seen a 9.42% decline this week.
eCash followed Bitcoin’s trajectory for the broader market throughout the week but experienced a significant gain on March 24, recording its second-highest intraday gain of the year. After a bearish start to the week, eCash saw a recovery on March 20 with an 11.08% gain. It then consolidated between March 22 and 23 while the broader market experienced another round of selloffs. During this consolidation, eCash successfully defended the $0.00005 zone and saw a 26.32% surge on March 23, reaching a two-week high of $0.00006919 before a slight correction. Despite a 2.48% drop, eCash has held above the $0.00006 threshold and gained 15.2% this week.
In summary, Dogecoin and eCash have achieved notable gains despite the bearish market, while Polygon has underperformed.
