Despite last week's bearish setup, major cryptocurrencies like Dogecoin (DOGE) and electronic cash (CHECK) posted impressive gains. Polygon (MATIC), however, underperformed.
The global cryptocurrency market capitalization lost $140 billion in valuation, falling to $2.49 trillion as of Sunday, match 24.
Here's a look at current events involving major cryptocurrencies this week.
DOGE breaks multi-week bearish trend
Dogecoin started this week on a bearish basis, witnessing a combined drop of 17.16% on March 18 and 19. With this discouraging drop, the cryptocurrency slid from the $0.15 price territory to retest the early March lows at $0.1252.
While this bearish trend extended into the third day of the week, DOGE quickly turned the tide with a rally campaign as the broader market showed notable strength. The crypto asset finally regained the psychological price threshold of $0.15, closing March 20 with an impressive 18.06% gain.
Despite the rest of the market witnessing Following a correction in the following days, DOGE maintained its bullish trend, reaching a weekly high of $0.1597, while attempting to overcome the descending trend line that has served as resistance to its rise throughout this month. This increase coincided with that of Coinbase. move expand DOGE futures trading.
Dogecoin fell into the downtrend as it fell from the March 5 high of $0.2064. The asset first attempted to break the trend line on March 14, but faced opposition that caused this attempt to fail. However, the latest attempt seems to have had good results.
DOGE broke the downtrend on March 24, but faced a decline that caused it to retest the trend line to establish solid support. Following this retest, the token confidently broke above the trendline as it changed hands in the $0.17 territory.
Dogecoin is up 11.5% this week as the rest of the market witnesses bearish trends.
MATIC drops below $1 amid 9% drop
Polygon followed the trend of the broader market, losing $1.1 billion of its market capitalization amid a decline that saw it fall below fundamental levels of psychological support.
Like Dogecoin and the rest of the market, Polygon started the week on unfavorable ground, recording two days of consecutive losses on March 18 and 19, for a combined loss of 14.87%. MATIC eventually left $1 territory amid this decline, closing on March 19 at $0.9317.
The next day brought some good fortunes as the asset took advantage of the market-wide rally to regain the price of $1. However, the following days marked the difference between polygon and Dogecoin. The former fell with the rest of the market over the next two days, missing the $1 threshold.
MATIC is now looking to regain this territory again, but strong opposition from bears has slowed its growth. Despite posting a slight intraday gain on March 23, DOGE continues to trade below $1, down 9.42% this week.
XEC Sees Huge 26% Intraday Gain
While eCash followed the trajectory set by Bitcoin for the broader market throughout this week, its turning point came on March 24, when it posted its second-highest intraday gain of the year.
Like the rest of the market, XEC also experienced a bearish start to the week, before witnessing a recovery on March 20 with a gain of 11.08%. However, the cryptocurrency consolidated between March 22 and 23, while the broader market experienced a second round of sell-offs.
Amid this consolidation, XEC severely defended the $0.00005 zone, looking to take advantage of it for the next run. This plan was successful, as the price of eCash soared as much as 26.32% on March 23, allowing the crypto asset to reach a two-week high of $0.00006919 before seeing a slight correction.
Despite a 2.48% drop today, eCash has retained most of the gains made on March 23. The asset has remained well above the $0.00006 threshold, changing hands at $0.00006305 with a gain of 15.2% this week.
