Turmoil Builds as Dogecoin Price Gains Begin to Disappear
Dogecoin (DOGE) is currently showing small signs of recovery but is still facing bearish elements in its trading setup, including its price acting below the 55-day and the 200-day SMA, and a “Death Cross”, which occurs when the 55-day SMA moves below the 200-day SMA. The DOGE price bears a 20% negative risk and if its line in the sand of $0.068 is broken, it will have a clear path down to $0.057. However, a break above last week’s high of $0.077 could attract more investors and make DOGE a more attractive place for investments, potentially leading to a reentry above the 55-day and the 200-day SMA and ultimately a return to $0.100. Overall, DOGE is struggling to show any real bullish signs as global markets remain on edge, and more downside pressure is expected as this week’s profits could collapse. DOGE is in need of fresh inflow and investor funds, as potential investors wait for some upside potential to appear.
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