DOGE Faces Downside; Price May Hit $0.06 Low
The Dogecoin price prediction is facing a downward trend; the dip is likely to worsen because of a recent decline in the crypto world.
Dogecoin Prediction Statistics Data:
- Dogecoin price now – $0.064
- Dogecoin market cap – $8.5 billion
- Dogecoin circulating supply – 132.6 billion
- Dogecoin total supply – 132.6 billion
- Dogecoin Coinmarketcap ranking – #10
Resistance levels: $0.10, $0.11, $0.12
Support levels: $0.03, $0.02, $0.01
DOGE/USD is at the time of writing trading on the negative side. The current pullback has been across the board, and Dogecoin is taking a strong hit as well. Currently trading at $0.0664, it is dropping below the 9-day and 21-day moving averages.
Dogecoin Price Prediction: Dogecoin Price May Head to the South
The Dogecoin price is seen heading to the downside as the coin stays below the 9-day and 21-day moving averages. On the downside, a move towards the lower boundary of the channel may increase the short-term selling pressure as the next supports may come at a psychological $0.03, $0.02, and $0.01. Meanwhile, any bullish movement above the upper boundary of the channel may reach the next resistance levels at $0.10, $0.11, and $0.12.
On the positive side, the technical indicator could start a new bullish session. It is, however, not clear how long the session will last because, this month, the bearish signals are more frequent than the bullish signals. Therefore, it is important to watch the support levels coupled with the movement of other indicators like the Relative Strength Index (14) and the Moving Averages (MA).
DOGE/BTC Market: Bears May Increase the Selling Pressure
Compared with Bitcoin, the market price remains below the 9-day and 21-day moving averages trading at 292 SAT. Looking at the daily chart, if the coin can make cross above this barrier, the bulls may end up dominating the market.
However, if the market drops more, the next key support may come at 200 SAT and below. On the bullish side, a possible rise could push the market above the upper boundary of the channel to hit the resistance level of 400 SAT and above. According to the technical indicator Relative Strength Index (14), the market may create additional downside as the signal line heads to the south.
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