By Shelly Melancon (Switzerland)
Dogecoin has been largely subdued over the past 48 hours. After the weekend’s flash crash, it has consolidated below the crucial $0.185 support level resulting in a massive sell-off in the digital asset market.
Long-Term Outlook
You’d recall that DOGE declined from about $0.21 to about $0.13 during that time. Even its market cap dropped from about $29B to about $19B on some exchanges. Then, as the market recovered, the DOGE price steadied around the $0.17 price range.
Even though this nearly 45% recovery since December 4 is quite impressive, DOGE’s month-on-month performance still shows a 15% decline. DOGE has been on a general decline since setting an all-time high of $0.75 seven months ago. It has declined by over 70% since that time.
The dog-themed coin’s year-on-year performance indicates a 4,500% gain, which will be soothing to hear for long-term DOGE holders. However, the long-term signals are not giving good signs. A further decline is possible, resulting in successive losses, with some recent investors already willing to exit their current positions, not minding the losses.
Near-Term Consolidation
DOGE’s performance on the 4-hour candlestick indicates sustained short-term stability. The coin is edging closer to the $0.17 highs as of this writing. But a crucial resistance around the $0.19 levels could prevent further recovery efforts to exceed that range. If it steadies at the $0.19 range, it will coincide with its price in early August, late September, and late November.
While the 14-day RSI indicated an oversold during the weekend flash crash, it also forecasted a rebound. The forecast is accurate as the token is in a neutral position. However, the 12-day EMA crossed the top of the 26-day EMA two trading sessions ago, making the near-term MACD positive, a first since last week. Thus, boosting DOGE momentarily during that period. But MACD is steadily returning to the neutral position in the last trading session, signaling a loss in momentum.
4-Hour Chart Analysis
DOGE 4-hour chart. Source: TradingView
The 4-hour chart confirms that DOGE consolidates around the $0.17 range and tests the $0.19 resistance levels. If it can flip this resistance to support, expect DOGE to trade at $0.2 and above.
Conversely, DOGE currently finds support at the $0.17 range. If the general market sentiment becomes unfavorable or bears intensify their sell-offs, DOGE could again dip below the $0.16 range. In the last 24 hours, DOGE retests its next crucial resistance.
Nerdy Frames Announce DOGE Payment Support
Leading New York luxury sunglasses firm, Nerdy Frames has confirmed through their official Twitter account that they now support DOGE and SHIB payments for their luxurious sunglasses. NowPayments will provide the technical support to make this payment support possible. The luxury glasses company also supports BTC and eth payments.
Nowpayments is a non-custodial service that enables merchants to accept digital currency payments for their products and services. It is the choice for most merchants because it supports a vast array of cryptocurrencies without exorbitant transaction fees.
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