Dogecoin price movement was sabotaged by sellers. In the last week, the price of Dogecoin has plummeted dramatically. It lost 15% of its market value throughout that time period. DOGE has been down 0.7% in the previous 24 hours.
The present price movement indicated a range-bound movement.
If the Dogecoin price remains stable, it may go below its nearest line of support. If the bulls seek to raise the altcoin’s price over its present level, it may trade above its resistance level.
Many cryptocurrencies have plummeted on their particular charts since broad market weakness took hold. The technical forecast for Dogecoin pricing continues to imply that the bulls have a chance to overtake the bears if buyers cooperate.
Bulls will continue to face overhead resistance as a result of the market’s shortage of buyers. The price of Dogecoin recently increased by 4%, but the bulls were unable to maintain that momentum. This also indicated that the coin was in demand at lower price levels.
Dogecoin Price Analysis
At the time of writing, DOGE was worth $0.068. It was recently defeated at the $0.071 price level as sellers drove down the price. Because of the enormous demand for DOGE at lower levels, this occurred. The coin’s overhead resistance was $0.070.
If the Dogecoin price rises over that level, the next level of resistance will be $0.072. The meme-near-term coin’s support level is $0.056. A drop in meme-coin trade volume indicated an increase in selling pressure. Buyers must re-enter the market for the currency to break through the barrier.
Technical Analysis
DOGE has seen a drop in demand, and as a result, purchasers have also exited the market as of press time. This might be a passing thought when other signs on the chart began to turn favorable. The Relative Strength Index fell below the half-line, indicating that sellers were in command.
On the other side, the Dogecoin price was above the 20-SMA line, indicating that buyers were pushing the market’s price momentum. If buyers respond to the present price movement, a move to the price ceiling will occur in the next trading sessions.
The meme-coin implied that it may be a good time for purchasers to jump in. Moving Average Convergence Divergence depicts price momentum and movements. After a bullish crossover, MACD created green signal bars, indicating a buy signal.
Whatever the case there can be no doubt that Dogecoin price movement was sabotaged by sellers.
Read the latest crypto news.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
