BIG Dogecoin Explosion In The Next 3 Days!
Dogecoin price analysis indicates bearish momentum will follow after a break below the 23 cent support was seen overnight. Therefore, we expect those USD to continue lower and test the 21.5 cents next support as we go on.
It may make a quick recovery subsequently, but that depends on the general outlook of the entire market. The cryptocurrency market traded mostly with bearish momentum over the last 24 hours.
Dogecoin can be seen declining in terms of price, but stays positive given technical indicators
Bitcoin was among the best performers with a gain of 1.3 percent, while Ethereum lost two point seventy 4 percent and the rest of the top altcoins followed with a loss of around four to six percent. Dogecoin price action has seen a reversal over the past trading sessions after a strong beginning to October, during which Dogecoin rallied from 19 to 27 cents, a reversal followed.
It experienced a consolidation at about 25 cents on the 6th of October. More downside followed over the following days after several retests of 25 cents as the overhead resistance later in the week, DOGE started heading lower. The 23 cents mark provided some support initially. However, after some reaction higher, Dogecoin price pushed lower again, leading to a break below 23 cent support overnight.
Price fell more than 3 percent on the day, with trading volume dropping 28 percent. However, the price still remains above the 20 day exponential moving average, suggesting that a significant turn over hasn’t taken place since the price decline started the day before.
The relative strength index also shows a strong value of 52, indicating a valued status of the token. The best action would be to buy and wait for Dogecoin to enact a favorable price action when it’s ready for the highly anticipated upsurge.