DOGE Price Analysis: The Bears are coming In Action Causing A Major Reversal&nbsp

- Advertisement -
  • Dogecoin which gave a 100% upside in two days but gave a reversal this morning by slipping 17.14% 
  • Dogecoin faced resistance from $0.01 levels and is now headed for the previous support of $0.0055

Dogecoin which was earlier trading in the range of $0.005 made a high of $0.01 i.e. a 100% upside in two days after forming a triangle pattern.However it slipped today by 17% which might initiate a free fall. The coin’s immediate support is at $0.0055. The 24 hour volume and market cap are $188,167,815 and $1,064,660,430 respectively. 

Is DOGE Heading For A Free Fall?

- Advertisement -

Dogecoin after giving a 100% run took a breather on January 3,2021 which resulted in formation of multiple doji and butterfly candles for the successive sessions which ended up into a breakdown, signalling exit of traders from the coin. 

The Bollinger Band(10 SMA) contracted further in the last session which signalled low volatility in the coin. This made the traders exit the trade which pushed the coin below 10 SMA, emitting a sell signal on charts. 

The stochastic signal left the overbought territory long back and is now headed for the oversold territory. The lines are at 40 levels currently and they will find their support around 10-15 levels probably.

- Advertisement -

The MACD(8,21,5) has given a bullish crossover from highs of 0.002 levels. It may find its next support at 0 levels only. 

Conclusion 

Dogecoin after giving an unexpected bull run took a breather which resulted into a reversal in today’s session. The coin will find support at $0.005 levels. It may possible form a triangle and give a huge breakout breakdown in the long term. 

Resistance: $0.0109 and $0.01315

Support: $0.0075(weak) and 0.005

- Advertisement -

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

How useful was this post?

Click on a thumb to rate it!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Download our App for getting faster updates at your fingertips.

Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners