Briefly –
- Dogecoin did not manage to break its vital resistance level of $0.27 to $0.31.
- 20-MA has kept DOGE’s value down for almost one month.
- At the moment, Dogecoin depends on the $0.193 support to prevent further downfall.
Dogecoin Price Overview
Dogecoin has been experiencing massive losses ever since Elon Musk appeared on SNL. You probably know how the Tesla executive supported Dogecoin in its surge to April highs. The coin trended until its peaks, but the meme asset has had massive bearishness. For now, most HODLers seem to keep the DOGE, even after losing nearly 50% of its value due to FOMO. The canine-themed cryptocurrency remains calm at the moment, without any sentiments. A BTC bullish breakout will like to detect another Dogecoin’s run.
According to the descending channel, bulls have been trying to break over the top trend-line but failed with each attempt. Such a break will crack the downtrends that DOGE has had over the last two months. If the coin manages to register a breakout, it must conquer and maintain the 20-D MA, which held Dogecoin’s price for more than one month. After that, the altcoin will move up to the vital resistance level of around $0.239.
Meanwhile, if bears manage to take over the market, DOGE will have its price plummeting to the crucial support at $0.193. Any break beneath this level will send the meme currency down to $0.166 support. With such bearishness, Dogecoin will trade in a descending channel near its median line. This territory might provide enough momentum to push the coin back over the $0.20 mark.
The stochastic Relative Strength Index indicates action in the oversold territory. Dogecoin might undergo increased downtrends if the price action maintains around this region. Over the past few months, the RSI remained flat, reflecting Dogecoin’s price action. At the moment, the asset will require long-term price trends for support to break out for a new upside move. Any interested investor needs to beware of the low volatility with Dogecoin’s price action at the moment.
Dogecoin Intraday Levels
- Spot rate – $0.21
- Trend – bearish
- Volatility – low
- Support – $0.193
- Resistance – $0.239
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