Dogecoin’s Price Reveals $0.074 Monthly Support; Will it Rise Again?
The Dogecoin price fell to $0.074 per month in the midst of the recent crypto market sell-off. The weak bullish reversal at this support suggests that prices will soon resume their previous downtrend. But how far can this rally go?
These are the key points
The Dogecoin price suggests a temporary pullback between 7-16% and the next bear cycle.
A daily candle closing below $0.0074 is a sign of a prolonged correction in this mecoin.
The Dogecoin coin’s 24-hour trading volume is $295.5 Billion. This indicates a 25% loss.
The recent sell-off in crypto markets has prompted significant outflow to the Dogecoin market. This has led to a dramatic drop in the price of Dogecoin in the last three weeks. This caused a V-top reversal at the $0.11 resistance, and the price plummeted 32.6% to reach the monthly support at $0.074.
This V-top reversal is indicative of a mountain-type structure. It also indicates aggressive selling on the market. This downfall completely offsets the late November recovery cycle whiteness. This memcoin’s value rose 5% on December 17th to try and rebound from the $0.074 floor.
There are no signs that there was a significant buying frenzy during the rebound, which could be a sign of a sustainable recovery. The Dogecoin price is currently trading at $0.077 with an intraday loss in excess of 0.88%
If the buying pressure continues, prices could ride a temporary rally that could retest $0.0827 and $0.090 flipped resistance.
The higher probability of a $0.074 support break will mean that the Dogecoin price continues to fall and will plummet 15.5% to $0.065
RSI indicator: The RSI indicators project the strength and recent price action of the coin. The indicator’s slope falling lower in the bearish territory signifies the increasing bearish momentum.
EMAs: The most important EMAs (20, 50, 100, 200, and 200) accumulated between $0.0927 and $0.0827 levels. This creates multiple obstacles for a rally to overcome.
Dogecoin Price Intraday Levels
Spot rate $0.077
Resistance levels: $0.82 and $0.092
Support levels: $0.074 and 0.065
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.