{"id":168998,"date":"2023-10-05T22:54:36","date_gmt":"2023-10-05T17:24:36","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=168998"},"modified":"2023-10-05T22:54:36","modified_gmt":"2023-10-05T17:24:36","slug":"will-dogecoin-fall-below-the-0-06-support-level-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/will-dogecoin-fall-below-the-0-06-support-level-crypto-news\/","title":{"rendered":"Will Dogecoin fall below the $0.06 support level? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i data-stringify-type=\"italic\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>Selling pressure could see DOGE sink below the $0.06 support.<\/em><\/li>\n<li><em>Sellers increased their positions in the futures market.\u00a0<\/em><\/li>\n<\/ul>\n<p>Despite <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/DOGE\" data-wpel-link=\"internal\">Dogecoin [DOGE]<\/a> bouncing off the $0.06 support again, the intense selling pressure could see the support level broken by bears. This level has been critical for bulls over a month-long period, with buyers standing firm to resist the bearish advance.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Read\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/dogecoin-price-prediction\" data-wpel-link=\"internal\">Dogecoin\u2019s [DOGE] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p>Even though the wider crypto market was green with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BTC\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> trading above $27.5k, DOGE bears could break the bullish resilience at the $0.06 support in the short term.<\/p>\n<h4><strong>Can bears flip support level on the fourth attempt?<\/strong><\/h4>\n<div id=\"attachment_348680\" style=\"width: 1972px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/DOGEUSDT_2023-10-05_09-36-58.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-348680\" class=\"size-full wp-image-348680\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/DOGEUSDT_2023-10-05_09-36-58.png\" alt=\"\" width=\"1962\" height=\"1084\" \/><\/a><\/p>\n<p id=\"caption-attachment-348680\" class=\"wp-caption-text\">Source: DOGE\/USDT on Trading View<\/p>\n<\/div>\n<p>Support and resistance levels are established price zones with a lot of buy and sell orders. They usually serve as critical levels to watch out for during a bullish rally or a bearish downtrend.<\/p>\n<p>The $0.06 support level has been a stronghold for buyers since early June. Despite DOGE\u2019s bearish price action since late July, the support level has held firm to limit the bearish downtrend.<\/p>\n<p>However, the recent multiple retests of the support level highlighted the weakening structure, with bears poised to take advantage. The Relative Strength Index (RSI) dipped under the neutral 50 to underline the selling pressure in recent hours.<\/p>\n<p>Similarly, the On Balance Volume (OBV), which had been on an uptrend in October, showed a drop in trading volume.<\/p>\n<p>Hence, sellers could break below $0.06 with a near-term target of $0.055. Alternatively, if buyers hold the support level again, $0.064 to $0.067 will be the short-term target for bulls.<\/p>\n<h4><strong>Shorts dominated the futures market, with longs registering huge losses<\/strong><\/h4>\n<div id=\"attachment_348681\" style=\"width: 1031px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/DOGE_Long_Short.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-348681\" class=\"size-full wp-image-348681\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"1021\" height=\"623\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/DOGE_Long_Short.jpg 1021w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/DOGE_Long_Short-300x183.jpg 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/DOGE_Long_Short-768x469.jpg 768w\" data-lazy-sizes=\"(max-width: 1021px) 100vw, 1021px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/DOGE_Long_Short.jpg\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-348681\" class=\"size-full wp-image-348681\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/DOGE_Long_Short.jpg\" alt=\"\" width=\"1021\" height=\"623\" \/><\/a><\/p>\n<p id=\"caption-attachment-348681\" class=\"wp-caption-text\">Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/LongShortRatio\" data-wpel-link=\"external\">Coinglass<\/a><\/p>\n<\/div>\n<p>Sellers leveraged the selling pressure by taking up more short positions in the futures market. As of press time, short positions worth $46.04 million accounted for a 52.02% share of the open contracts.<\/p>\n<hr \/>\n<p style=\"text-align: center\">How much are\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/100-doge-to-usd\" data-wpel-link=\"internal\">1,10,100 DOGEs worth today<\/a>?<\/p>\n<hr \/>\n<p>As a result, buyers have experienced more liquidations over the past day.<\/p>\n<p>This highlighted the willingness of market participants to ride DOGE down to sub $0.06 prices in the short term.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. Selling pressure could see DOGE sink below the $0.06 support. Sellers increased their positions in the futures market.\u00a0 Despite Dogecoin [DOGE] bouncing off the $0.06 support again, the intense selling pressure could see the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":168999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-168998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=168998"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168998\/revisions"}],"predecessor-version":[{"id":169001,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168998\/revisions\/169001"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/168999"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=168998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=168998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=168998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}