Dogecoin rose to its highest point in over a week, as Elon Musk requested that a lawsuit filed against him by investors in the meme coin be dropped. The suit claims that Musk operated a pyramid scheme, following his endorsements of dogecoin. Litecoin was another token to climb on Saturday.
Dogecoin (DOGE) climbed higher on Saturday after lawyers for Elon Musk requested that a lawsuit filed against him by investors in the meme coin be dropped.
In a statement, Musk’s lawyers said, “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”
Following a low of $0.07456 on Friday, DOGE/USD rose to a peak of $0.07841 to start the weekend.
DOGE/USD – Daily Chart
As a result of the move, the meme coin marginally breakout of a long-term ceiling of $0.0780.
This came as the relative strength index (RSI) also briefly moved beyond a resistance of its own at 52.00
At the time of writing this, the index is now tracking at 51.99, with earlier gains in DOGE mostly easing.
Litecoin (LTC) was another notable gainer to start the weekend, as the token also neared a one-week high.
LTC/USD surged to an intraday high of $93.85, less than 24 hours after prices were trading at a low of $88.34.
This rally sent litecoin to its strongest point since last Sunday, March 26, when it rose to a peak at $94.92.
LTC/USD – Daily Chart
Looking at the chart, today’s gain pushed LTC close to a point of resistance at $94.00, however, bulls have so far been unable to force a breakout.
This is likely due to the 14-day RSI hovering close to a ceiling of its own, at the 57.00 mark.
Should bulls move beyond this point, then there is a good chance that LTC will move beyond $94.00.
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Do you expect litecoin to extend this rally further into the weekend? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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