Dogecoin was marginally higher on Wednesday, after moving back above a recent support point during today’s session. The meme coin fell to a seven-week low on Monday, however bulls have moved to buy the dip. Toncoin was another token to rise, reentering the $2.00 region in the process.
Dogecoin (DOGE)
Dogecoin (DOGE) climbed back above a key support level in today’s session, after traders opted to buy a recent dip in price.
After slipping to a low of $0.05866 on Tuesday, DOGE/USD rose to an intraday peak at $0.05945 earlier in the session.
As a result, DOGE continued to move away from a price floor at $0.05840, which was broken on Monday, sending price to its lowest point since mid-August.
Today’s rebound comes after the 14-day relative strength index (RSI) bounced away from its own support at 32.00.
At the time of writing, the index is tracking at a reading of 33.72, which is still close to the oversold region.
The next visible point of resistance now stands at 37.00, and if broken, there is a good chance that DOGE rises past $0.06000.
Toncoin (TON)
Toncoin (TON) was another big gainer on Wednesday, as the token jumped away from a support point of its own.
TON/USD peaked at $2.03 earlier in the day, which came hours after hitting a low at the $1.98 mark.
Wednesday’s surge occurred as traders chose to maintain a floor at the $1.95 level, with a ceiling at $2.10 now a possible target.
In order to get there, price strength, which is now sitting at 46.42, will need to break a ceiling at 48.00.
There will be some difficulty in achieving this however, as the medium-term momentum in TON remains bearish, following last week’s downward crossover of moving averages.
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What else could be behind today’s rebound in toncoin? Let us know your thoughts in the comments.
