Dogecoin Continues On A Downtrend Post A Mini Revival
March 09 2022 - 7:00PM
NEWSBTC
The crypto market overall noted gains in the last 24 hours
reversing certain effects of the recent bloodbath. Dogecoin on the
other hand particularly saw some extreme choppiness over the past
week or so. It is however too soon to say if the market is on its
way to a solid recovery. Bitcoin was priced at $41k, as it recently
toppled over the $40,000 mark marking a sharp increase by 8% over
the past day. The price of the meme-coin nose-dived by 10%
since the beginning of March, ever since which all eyes have been
fixed on Dogecoin. Although Dogecoin in the last week had managed
to secure a break-out from the downtrend, the bears continued to
claw the price momentum down. Related Reading | Bitcoin Trading
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Price Analysis: DOGE/USD Four-Hour Chart The price of
Dogecoin stands at $0.120 at the time of writing. On February 24,
the meme-coin had plummeted to a multi-month low of $0.112. At
press time, the coin manages to stand just a few notches above the
aforementioned price. In the last 24 hours, however, Dogecoin
has tried to break out of the downtrend. The coin managed to
revisit the $0.118 price floor, however, the bulls have most likely
jumped ship again and Dogecoin is back to trading close to the
$0.118 price support line. With a continued downtrend, Doge could
again target its ten-month low price level of $0.112. The
technical outlook of the coin continues to flash an extremely
bearish signal as the asset witnessed selling strength again. There
is a robust resistance level at the $0.134 price level as the token
had tried to break past that level at the beginning of March. Doge
was unable to trade anywhere close to it ever since March
began. The asset was seen trading below the 20-SMA mark which
signified that sellers regained the price momentum in the market.
After witnessing a death cross, as the 50-SMA line was over the
20-SMA line last week, the coin continued its downtrend. The volume
of Dogecoin also flashed a decline along with the past two trading
sessions closing in red as seen on the chart. Fear Index
Continues To Look Grim For most of March so far, the market barely
witnessed any buying strength, the coin has tried to bring in
buyers in the past 24 hours however it failed to hold its momentum.
The Relative Strength Index reflects the same reading as the
indicator slowly crept below the half-line at press time,
indicating a selling strength again. Related Reading | Monero
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Rally The Directional Movement Index was also negative which
reaffirmed that buying momentum was on a decline as the -DI was
above the +DI line. The Average Directional Index also showed
declining strength as it meant that the market could head into a
price consolidation phase over the upcoming trading sessions.
Fear Index – Fear Index of Dogecoin scored a 22, which corresponds
to “Extreme Fear” on the Index. This reading signaled that buyers
were scared to buy the asset and that the asset’s price momentum
was bearish in nature.
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