Dogecoin Slides To Support Of $0.11; These Indicators Point To Bearish Weakness
- After breaking out from its long-range channel movement, DOGE’s price shows much strength but has struggled recently.
- DOGE suffers more sell-off as price loses steam to rally higher, falling to its key support for bulls to push price up.
- DOGE’s price remains strong on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).
Dogecoin (DOGE) price recently showed some great price action as the price rallied to a high of $0.15, gaining over 150% within 7 days. Still, the price has failed to live up to the expectations and hype it initially got. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Dogecoin (DOGE) spearheaded the rally but has struggled to gain form in the past few days. (Data from Binance)
Dogecoin (DOGE) Price Analysis On The Weekly Chart
The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more.
The new week has looked more promising for some altcoins, like A MASK rallying over 200% in less than 7 days, showing the price action and volume for buy orders. The price of DOGE, despite showing such movement, is yet to live up to the hype of a possible $1 of this great memecoin.
After dropping from its high of $0.73 some months back, the price of DOGE has had a great struggle to pull off a rally that has left many in euphoria just like other memecoins, with many faithful hoping DOGE rewards their faithfulness as a DOGE army.
The price of DOGE saw its trade at a low of $0.05 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $0.155, where it was rejected to a region of $0.12.
Weekly resistance for the price of DOGE – $0.155.
Weekly support for the price of DOGE – $0.12.
Price Analysis Of DOGE On The Daily (1D) Chart
In the daily timeframe, the price of DOGE continues to look weak as the price has had more price sell-off recently than in previous days, as everyone wanted a rally to $1.
After displaying a bearish divergence in the four-hourly timeframe, the DOGE price continues to decline, with many wondering if this was just a scam pump as many would fancy the name.
The price of DOGE sits on the 32.8% Fibonacci retracement value, indicating that a break and close below this level will mean more sell orders for DOGE price.
Daily resistance for the DOGE price – $0.15.
Daily support for the DOGE price – $0.11.
Featured Image From CNBC, Charts From Tradingview