Dogecoin Must Cling To This Level Lest DOGE Slip Quickly To $0.048
September 04 2022 - 5:59AM
NEWSBTC
Dogecoin (DOGE) has been swirling downwards since the latter part
of 2021, specifically in November. DOGE is currently up by 0.88% or
trading at $0.06247 Dogecoin has been trailing down since November
2021 DOGE showing some bearish movement DOGE has been on a
rollercoaster ride with up and down sequences. The popular dog meme
coin is seen to have rallied the previous month generating
double-digit gains in terms of percentage. One significantly rally
is in August when DOGE managed to surge from a low of $0.059
peaking to a high of $0.087. Dogecoin is currently sitting in a
demand zone seen since July. According to CoinMarketCap, DOGE is up
by 0.88% or trading at $0.06247 as of this writing. With the rate
it’s going, Dogecoin may possibly maneuver towards the $0.07 zone.
Related Reading: Bitcoin (BTC) Must Make It Past This Threshold To
Bounce Back DOGE Likely To Take Detour Towards Bears On a longer
market timeframe, DOGE is looking bearish while Bitcoin is
similarly showing some weakness. DOGE was able to take a full grip
on the support zone but it seems that the momentum is taking the
detour towards the bears. Now, Bitcoin has always made a strong
influence on the performance of DOGE and other altcoins. With that
being said, it moves alongside Bitcoin regardless of whether the
king of crypto wings it or crashes down. Source: TradingView From
July to August, DOGE is seen to have lingered in the range of
$0.063 to $0.07. As of press time, BTC is still facing strong
hurdles at the $20.4k and $20.8k levels. With that being said, if
Bitcoin can successfully blaze past these levels then DOGE will
have better chances of moving higher on the charts. Dogecoin’s CMF
Shows Intense Selling Pressure In August Technical indicators for
DOGE are showing a bearish perspective. Additionally, RSI has also
moved down the 50 zone as seen in the past couple of days which
validates the coin’s bearish momentum. Similarly, OBV isn’t showing
signs of slipping as it firmly held on to the key support line that
it has been sitting in for the past few months. CMF also has
displayed intense selling activity in August. Further, the
Bollinger Bands is shown to spike which indicate intense volatility
following DOGE’s slump from the $0.085 mark. In any case, if OBV
can’t stay on the support zone in the next few weeks, then DOGE
might plunge below $0.055. It’s important for DOGE to remain at the
$0.061 level which has been particularly been pivotal in the months
of February and March in 2021 because once DOGE loses its grip on
those key levels, the meme coin can drop sharply to the $0.049 and
$0.05 levels. Related Reading: Dogecoin Slowly Retests $0.06 As
DOGE Is Seen Moving Higher Over The Next Days Crypto total market
cap at $952 trillion on the daily chart | Source: TradingView.com
Featured image from Finance Magnates, chart from TradingView.com
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