Should You Buy Dogecoin (DOGE) Around This Level? The Startling Answer
Dogecoin (DOGE) has witnessed a continued selling spree since sweeping beneath $0.19 in December 2021. The decline saw the canine-themed token hitting its 2022 lows during June sessions. Meanwhile, buyers have struggled to regain crucial support zones.
The previous bullish run saw Dogecoin’s breakout fixing a spot beyond 10-month trend-line support. The latest bearish drag from the POC (Point of Control) had the meme token retesting this trend-line foothold.
Rebounding tendencies might see DOGE clinching a short-term rally before extending its downside trends. While publishing this blog, Dogecoin traded at $0.0618, dropping more than 3% within the past 24 hours.
Dogecoin Daily Timeframe
As the bearish strength appeared to replenish around the $0.08 mark, the resulting reversal dragged Dogecoin beneath its 20 Exponential Moving Average and the 50EMA. The Point of Control region saw a battle between sellers and buyers, though the bearish engulfing candle made evident bearish intentions.
Considering the empirical reversal inclination from DOGE’s long-term trend-line foothold, buyers would plan to halt the present bleeding. A possible bounce back from the level might bolster bulls to test $0.068 before potential reversals.
Nevertheless, a continued slump beneath $0.061 would open the path for more losses in DOGE. Sellers might ensure moves to $0.056 before a sluggish phase emerges.
Reasoning
The RSI (Relative Strength Index) plummeted beneath the support at 43, indicating a massive bearish superiority. Continued actions beneath this level would support short-term selling efforts. Moreover, the AO (Awesome Oscillator)’s dip beneath the zero area matched the overall bearish stance.
Surprisingly, the VO (Volume Oscillator) maintained downtrends amidst the latest dip. That confirmed a minor weak bearish action. The ADX confirmed a declining trend for DOGE’s direction.
Final Thought
Dogecoin wavered at a crucial juncture during this publication. The meme coin might record short-term gains if buyers keep the 10-month trend-line support.
However, the bearish cross on the 20-50 Exponential Moving Average confirmed the bearish strength while keeping medium- long-term projects in sellers’ preference. The targets are as highlighted above. Lastly, Dogecoin shares a notable correlation with Bitcoin. Therefore, Dogecoin fans can watch BTC’s action for money-making moves.
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