Mounting selling pressure causes DOGE to drop to $0.07057 – Cryptopolitan
Dogecoin’s price has fallen for a second day in a row, reaching a new low of $0.07057. The sell-off is fueled by speculation that demand for the cryptocurrency is waning due to its limited use cases and lack of blockchain development. DOGE/USD needs to break above the resistance level at $0.07313 for a potential trend reversal, while downside support is found at $0.06814. Dogecoin’s market capitalization currently stands at $9.3 billion, with a 24-hour trading volume of $446 million. Technical indicators show that the moving average and MACD are in bearish territory, while the RSI is below 40, indicating strong selling pressure. While the short-term outlook remains bearish, traders should closely monitor key support and resistance levels for any signs of a possible trend reversal.