DOGECOIN is facing resistance from the top of the descending triangle pattern on the daily chart.
The Bulls are active near the lows, attempting U-Turn rallies.
Dogecoin has fallen below the $0.070 support level against the US dollar. DOGE could continue to fall toward the $0.0620 support level. In recent days, Dogecoin has been steadily declining from the $0.080 resistance zone. DOGE has reacted negatively to support levels of $0.0750 and $0.0720.
The decline has accelerated underneath the $0.0740 and the 200 hourly simple moving average. More importantly, there was a clear break below the $0.0700 support level, opening the way for a significant decline. Currently, the price is trading well below the $0.0700 support level and the 100 hourly simple moving average.
Doge has reached a low of $0.0658 and is currently trading at $0.0694, indicating a range of positive signals.
On the upside, the price is coming up against resistance at $0.0700. A key bearish trend line is forming on the 4-hours chart of the DOGE/USD pair, with resistance near $0.0700. The trend line is nearing the 38.20% Fib retracement level of the drop from the $0.0790 swing high to the $0.0658 low. If the price breaks through the trend line, it could reach the $0.0730 resistance level. It is approaching the 50% Fib retracement level of the drop from the $0.0790 swing high to the $0.0658 low. Any further increases could push the price to $0.0765. At $0.0800, the primary barrier appears to be forming. A decisive break above the $0.0800 resistance level could signal the start of a rally towards $0.0900 level.
If the price of DOGE does not rise above $0.0700, it may fall further. An initial support level is at $0.0660 on the downside. The next major support level is at $0.0620. If the price falls below the $0.0620 support level, it could fall much further. The price may fall below $0.0600 in the aforementioned scenario. A break below $0.0600 could signal the beginning of a new decline towards $0.0500.
According to CoinGabbar Price Analysis, this DOGE market capitalization is expected to be $9,322,039,417. The coin's 24-hour trading volume is around $359,516,999. The market capitalization of DOGE has risen by 3.62%. During intraday trading, however, transaction volume rose by 0.17%.
KEY LEVELS :
RESISTANCE LEVEL : $0.07200-$0.07600
SUPPORT LEVEL : $0.06600-$0.06200
After holding multiple levels of support at $0.07, Yesterday support was breached today with large volume. Will DOGE reach $0.060 in the coming days, or will it seek support near the bottom and start reversing? Please share your thoughts.
Also read: Bitcoin Price at $16,550: Will 2023 Restore Investor Confidence?
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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