Dogecoin Price Could Drop Another 15% If It Loses This Important Level

Dogecoin (DOGE) price showed an impressive recovery last week, hinting at the start of a new rally. However, the price failed to break above the critical resistance of $0.195, which ultimately rejected the coin price to continue the correction phase. The coin price move lower is currently halted at the medium support of $0.163

Main technical points:

  • Dogecoin sellers reclaim the 20 and 50 EMA
  • Dogecoin’s 24-hour trading volume is $1.14 billion, showing a 12.5% ​​increase.

DOGE Price Analysis: Dogecoin price could drop another 15% if it loses this important level 9The source-Tradingview

Recently when we covered an article about Dogecoin, DOGE price failed to sustain above the $0.195 resistance even after receiving a sudden pump from billionaire Elon Musk’s tweet saying that Tesla goods can be purchased with Dogecoin.

Although this celebrity-fueled rally showed high gains in the first half of January 14, the overall downtrend has brought back supply pressure and rejected the price with an evening candlestick pattern.

This bearish reversal once again engulfed the important EMAs (20, 50), indicating a downtrend in the daily chart. The technical chart shows that the price is receiving strong resistance from these EMAs.

The slope of the daily Relative Strength Index (46) has dipped below the midline (50), predicting bearish sentiment in the coin.

DOGE price fluctuates in a falling wedge pattern

DOGE Price Analysis: Dogecoin price could drop another 15% if it loses this important level 13The source- Tradingview

Since the bloodbath on December 4, 2021, buyers of DOGE coin are struggling to maintain the coin price above $0.195. The price has faced some rejection from this resistance, eliminating any attempt to move higher.

With the recent reversal from this overhead resistance, DOGE price is heading back towards the current lower support of $0.137. However, so far, the price has reached the mid-$0.163 support level, which could stop the ongoing bear attack.

The technical chart shows a falling wedge, whose breakout could signal a bullish reversal from this support area.

Under the influence of the bearish momentum, the Bollinger Bands have begun to curve lower. Furthermore, the price has also dropped to a lower range, trying to control the upward momentum.

  • Resistance levels- $0.19 and $0.22
  • Support levels- $0.16 and $0.137

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