- Dogecoin faces resistance at $0.0900, unable to break through despite bullish market sentiments.
- The low investor interest and consolidation suggest a lack of buying pressure for Dogecoin.
- Technical indicators like the RSI and MACD signal potential bearish sentiments for Dogecoin’s future price movements.
Dogecoin (DOGE) has experienced a noticeable correction recently, with its price dropping from the high point of $0.1050. Despite some attempts to bounce back, particularly around the $0.0900 mark, the meme coin has struggled to gain momentum.
Read CRYPTONEWSLAND on
google news
As of now, Dogecoin is trading at $0.08485, showing minimal gains and a neutral stance on the charts. Trading volume has seen a slight increase, but overall market sentiment remains tepid. Analysts are predicting continued selling pressure on Dogecoin, with a potential retest of the $0.06000 mark in the near future.
A double-top pattern has emerged in Dogecoin’s price chart, with repeated rejections occurring around the $0.09000 level. Despite maintaining support above the 20-day EMA, a break below $0.07500 could trigger further selling and push the price toward $0.06000. The RSI suggests bearish sentiment, while the MACD indicator indicates uncertainty.
In the past week, Dogecoin saw a bounce from the 50-day EMA but failed to sustain momentum above $0.0900, resulting in a long-legged doji candlestick formation. This indicates a struggle between buyers and sellers, with any drop below $0.08000 potentially leading to a significant downturn.
Overall, Dogecoin’s failure to break above key resistance levels and the emergence of bearish patterns suggest a cautious outlook for investors. Support levels are seen at $0.08000 and $0.07800, while resistance levels lie at $0.09000 and $0.09800.
Read also:
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
