- Dogecoin investors saw a 52-week lower level of $0.1065 during the panic selling.
- Dogecoin has been trading below the demand zone for over a week, as well as the current price is far below the significant moving average.
- The DOGE/BTC pair price is trading bullish by 2.45% at 0.000003256 satoshis.
After reaching an all-time high, sellers rushed in, clutching the DogeCoin hard; as a result, they saw the massacre. Following the short selling, the Dogecoin reached a 10-month low of $0.12 and began consolidating in a narrow range between $0.13-support and $0.1450-resistance. However, the DOGE crypto has been underperforming below the declining trendline for more than 2-month.
Dogecoin investors have been struggling to break the descending parallel channel for over 3 weeks now. At the time of writing, Dogecoin price is trading at $0.1266, which is up by 3.7%. However, the coin has lost 39% of its trading volume in the last 24 hours. The volume to market capitalization ratio is 0.04632. Dogecoin currently has 0.95% market dominance in the entire cryptocurrency market.
The bears were able to dump the DOGE price below the demand zone (green) several days ago. Meanwhile, the DOGE/BTC pair price is trading higher by 2.45% on 0.000003256 Satoshi; Dogecoin price with Ethereum pair is trading at 0.00004586 ETH. However, Dogecoin is currently trading well below important moving averages (such as the 20, 50, 100 and 200 MA) based on the daily price chart.
Again bulls attempt to catch the Dogecoin price
The Dogecoin price is trading just above the lower verge of Bollinger Bands indicator in terms of the daily price chart. Meanwhile, bulls are likely to grab the opportunity and become the bitness of sharp-recovery.
The daily RSI has been following the sleeping trendline since 7-February. At the time of writing, RSI is approaching the trendline at the 37-mark. Furthermore, the average directional index seems to be ready for the upside move, but still, it suggests the weak momentum for Dogecoin.
Conclusion
If DOGE investors really want to prevent themself from the sharp-selling below $0.10, they need to breach the falling channel as well as descending trendline as soon as possible.
Support level – $0.120 and $0.10
Resistance level – $0.20 and $0.45
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.