- DOGE coin is on the verge of giving two bearish crossovers of 50-100EMA and 20-200EMA
- The DOGE/BTC pair was trading at 0.000005465 BTC with a loss of 2.99%
- The 24 hr trading volume in DOGE is $1.21 Billion.
The DOGE coin price is still maintaining its falling parallel channel pattern in the daily time frame. However, the price shows some unusual behaviour by hovering just below the resistance trendline showing multiple Doji-type candles in its falling journey. Nevertheless, even with this inactive movement, the price has reached a crucial support level of $0.161. And now it’s the decision-making time, deciding the fate of the DOGE coin.
Concerning the EMA’s, the DOGE coin is moving below the critical EMA’s 20, 50, 100, and 200, indicating a strong bearish trend. In addition, the chart shows the 50-100 EMA and 20-200 EMA are on the verge of giving a bearish crossover, attracting more sellers in the market.
The RSI (BEARISH) value is at 30, indicating a bearish sentiment in the coin.
DOGE Coin Crypto In The 4hr Time Frame
The DOGE coin shows a steady directional fall in the price in the 4hr time frame. And as mentioned above, the price has reached a crucial $0.161 support level, whose breakdown can provide an excellent short opportunity for DOGE traders.
The MACD indicator (BEARISH) shows both the MACD and the signal line moving below the neutral zone(0.00), currently indicating bearish sentiment. However, both the lines did show constant crossover, creating some confusion among the market participants.
Conclusion: From the technical perspective, the overall trend for the DOGE coin is strongly bearish and will remain in the same state until it gives a breakout from a falling parallel channel pattern. Therefore, trend traders can look for a good short opportunity like the breakdown of the $0.161 support, providing an excellent target of one to two traditional pivot levels.
Support– $0.161
Resistance– $0.226
