$DOGE Price at Risk of 18% Fall if Buyers Lose this Key Support – Crypto News – Crypto News
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$DOGE Price at Risk of 18% Fall if Buyers Lose this Key Support – Crypto News

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2 years ago

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Published 6 minutes ago

Dogecoin Price Analysis: With the increasing volatility in the crypto market, the Downtrending dogecoin price took a sideways detour and continues to resonate between the $0.075 and $0.069 levels. The aforementioned levels create a narrow range in the daily chart and project no clear dominance from either party. Here’s how this range can be used to grab a trading opportunity in memecoin.

Also Read: Memecoins Prints Selective Growth as Crypto Market Recovers, Here Are the High Fliers

Dogecoin Price Daily Chart

  • The Dogecoin price is likely in a temporary consolidation before continuing with a downward approach.
  • A breakout in either direction from the daily range pattern will provide a reliable indication for determining the potential trend.
  • The 24-hour trading volume in the Dogecoin coin is $209.5 Million, indicating a 9.5% loss.

Dogecoin Price AnalysisSource-Tradingview

By press time, the Dogecoin price was $0.071 with an intraday loss of 1.62%. However, with the lack of initiation from buyers or sellers so far, the coin price is likely to continue to consolidate for a few more trading days.

Anyhow, as the prior trend on Dogecoin was bearish, the price is more likely to continue on that path, Therefore, a breakdown below $0.0692 with a daily candle closing will replenish the exhausted bearish momentum for a prolonged downfall.

The potential downfall could tumble the prices by 15-18% to hit the lower trendline of the falling channel pattern,

On a contrary note, a breakout above $0.0755, will offer buyers a suitable footing to the Dogecoin’s market value higher.

Will Dogecoin Price Plunge to $0.057?

A potential breakdown below the $0.069 level will end the ongoing consolidation phase in Dogecoin in the seller’s favor. A successful flip below the aforementioned level will offer sellers additional resistance to pressurize the coin price to lower levels. The resulting downfall will plunge the price to $0.0628 support to hit the $0.0568 mark.

  • Moving Average Convergence Divergence: Despite a sideways price action, the MACD(blue) and signal (orange) lines rising indicates buying momentum rising, and the Doge price significant possibility to break overhead resistance.
  • Exponential Moving Average: The coin price moving below the daily EMA’s(20, 50, 100, and 200) indicates the traders will face multiple resistance on the upside.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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