Dogecoin (DOGE/USD) loses $0.09 – The Bharat Express News


  • Dogecoin has lost 15% in the week amid a bear market

  • The lack of positive fundamentals has plagued the meme cryptocurrency

  • DOGE will confirm a bullish reversal if the candlestick closes above $0.09

If you’ve looked Buy Dogecoin (DOGE/USD), you’re probably not sure anymore if you should. A weekly loss of 15% makes DOGE the biggest loser in the top 10 ranked cryptocurrencies. It could be a little more alarming, especially since DOGE has dipped below $0.09. It is a crucial support that bulls could have had to buy DOGE on a retracement. But we believe DOGE is not yet bearish.

Fundamentally, we remain skeptical about DOGE as the meme token has no major bullish triggers. Initially, DOGE took advantage of Twitter’s prospects of an announcement as currency. Speculation has since cooled, as Elon Musk has yet to give an official indication or make a joke about it. The large drop in DOGE’s price reflects investors’ potentially exciting positions in the absence of positives cryptocurrency news. With the bear market continuing, it makes sense to expect DOGE to fall as well.

DOGE technical analysis as price slips below support

BNB/USD chart by TradingView

On the technical side, DOGE trades on a make-or-break level. The MACD shows weak and bearish momentum, although the indicator remains above the neutral zone.

Despite breaking below the $0.09 support, buyers are resisting a drop below $0.084. DOGE may confirm a bullish reversal signal via a pin bar if the daily candlestick closes above $0.09.

Is DOGE about to turn bullish?

From the technical analysis Dogecoin can go either way. A bullish pin bar near the USD 0.09 support could allow bulls to take control of the cryptocurrency and push it back towards USD 0.11.

On the other hand, if the daily candlestick closes below, we need further price action. Bears can take control in the bear scenario and lower DOGE. The price of around $0.07 would remain in sight.

Where to buy DOGE

eToro

eToro offers a wide variety of cryptos, such as Bitcoin, XRP and others, in addition to crypto/fiat and crypto/crypto pairs. eToro users can connect, learn from and copy or be copied by other users.

Buy DOGE with eToro today


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