“Critical Support Level Break Puts Dogecoin’s Price at Risk of a 15% Downslide”

Dogecoin’s price has been in a descending trendline, indicating that market participants are actively selling at the resistance trendline. A high volume breakdown from the $0.067 support has put Dogecoin on a 15% downside, while a falling price may receive dynamic resistance from a 20-day EMA. Despite recent momentum indicating more selling pressure, the DOGE price may continue to waver below the $0.065 flipped resistance or witness a minor pullback to the downsloping trendline. The daily RSI slope has plummeted into the oversold region, indicating that trades have overextended with selling activity, and a minor pullback is likely. A lateral walk in 100-and-200-day EMAs accentuates a sideways trend for Dogecoin, but the price moving below these EMAs indicates the sellers have an upper hand. The coin’s support levels are $0.056 and $0.05, while the resistance levels are $0.067 and $0.075. Until the overhead trendline is intact, sellers will further extend this ongoing downfall and drive prices to September-October bottom support of $0.056.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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