Dogecoin Tests $0.2130 Support As BTC Pulls Back
Dogecoin (DOGE) has its price beneath the $0.2190 support as it appears on a downtrend momentum.
The leading meme coin seems to lose ground as we start a new week. For now, DOGE attempts to settle under the support zone at $0.2130. Such actions come as Bitcoin sees retracements after its recent massive uptick.
Bitcoin saw price surged after Jerome Powell, Fed Char, declared no intention to ban digital currencies. Powell’s statement impacted the crypto market positively as it reduced traders’ fears following the crypto clampdown in China.
The world’s dominant virtual coin recently tried to maintain beyond its significant resistance located around the $48,000 price mark. However, Bitcoin failed to gather enough upside strength to keep the uptrends. If BTC manages to overcome this obstacle, it will approach the vital psychological level at $50,000. That can translate to bullishness for DOGE and other alternative coins.
For now, most tokens seem to plunge as Bitcoin records retracements, though Ethereum depicts strength as it tries to settle beyond $3,400. For now, it appears like traders are ready to book their profits after the latest market rally.
Technical Analysis
Dogecoin settled under the support area at $0.2190 as it tests its following support level around $0.2130. The Relative Strength Index stays in the moderate regions, and it has more chanced to gain increased downtrend momentum with the correct catalysts.
If the meme toke plunges under $0.2130, it will move to the following support standing at $0.2050. A successful test here might clear the downward road towards $0.20. Any move below this zone can see Dogecoin hitting the support around its recent plummets near $0.1940.
Meanwhile, if the meme asset revives its conditions to the upside, it should rise beyond the 20 Exponential Momentum Average near $0.2215 for short-term upside momentum. DOGE will have its next resistance zone at $0.2255.
If the meme crypto steadies beyond the resistance around $0.2255, it might head to the following resistance located at $0.23. Rising past this zone will see the crypto touching 50 Exponential Moving Average at $0.2390. However, DOGE might encounter resistance around $0.2350.
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