Time to sell Dogecoin as the token won’t break through the key resistance level
Dogecoin’s Bullish Strength Weakened on Weak Fundamentals
The cryptocurrency has yet to successfully clear $0.07
DOGE risks further decline or consolidation below the resistance zone
The bullish rally of Dogecoin’s DOGE/USD has not just cooled down. Cracks are created that can do the token again. Since cryptocurrencies can often provide surprises, investors should be better off selling the meme coin. This dissertation explores why.
One of Dogecoin’s fundamental drivers recently has been anticipating growth in use cases. Investors speculated that if Doge’s father, Elon Musk, takes over Twitter, he would accept the payments. The takeover remains in limbo. Still, there have been no major Dogecoin announcements or mentions of influencers lately.
The second factor for DOGE’s lack of bull power is copper depletion. Attempts to bring Doge to $1 by Elon Musk failed miserably. At the bottom price of $0.05, DOGE attempted to make chargebacks as other cryptocurrencies soared. As most tokens rose in double digits, the highest amount DOGE reached at the end of June was $0.078. That’s up about 56% from the $0.05 bottom. Nevertheless, the token always crashed below the resistance at $0.07 every time it rose. The token is currently trading at $0.069 as it consolidates lower.
DOGE Fails Another Breakout At $0.07 Resistance
Source – TradingView
Technically, DOGE is consolidating below the USD 0.07 resistance. The MACD line is close to the moving average and about to go below it. A bear case is strong because the price has no bullish power. Investors should sell now before the price falls further. A breach above the USD 0.07 resistance will confirm a bull case.
Dogecoin token may turn bearish after failing to rise above resistance. The cryptocurrency is suffering from a lack of buyers. A bear print will push the token down and it’s time to sell.