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- Meme crypto-asset DOGE is witnessing a decline in volume as people have shifted their focus towards meme stocks like $AMC, $GAME
- Dogecoin bounced from a high of $0.31 to a low of $0.30 in today’s intraday session, while its losses amounted to 26% since the beginning of June
- Meanwhile, the DOGE/BTC pair is trailing at 0.000008605 BTC with a slight loss of 1.27% today
DOGE kickstarted the month of June by stealing the spotlight on account of the asset’s listing on Coinbase Pro. The 38% rally was immediately accompanied by another dump which caused the meme asset to stumble across the $0.30 level.
Presently, DOGE is trading at a low of 51% since its ATH and stands at $0.30 level. The $0.030 can be considered as one of the most challenging price ranges as a consequence of the price action devising a bearish head and shoulder pattern.
While DOGE is currently maintaining its bearish bias above the neckline of the h&s pattern, the crypto asset can tank as low as $0.21 in the near term. The failure of the token to sustain above the $0.28 can easily kick it to the curb of $0.21 or even $0.14, on the condition that the h&s pattern comes into play.
Having said that, the 20 and the 50 EMA are on the verge of transpiring a bearish cross. The success of which could stimulate DOGE to revisit the above-mentioned support cushions.
The volume of ($1.25 M) is considerably lower than that of the 20 period Moving Average ($12.49 M). Lack of buying pressure highlights the fact that most people who have exited their positions are now paying heed to meme stocks. For DOGE price action to invalidate the bearish h&s pattern, the bulls need to boost up the momentum. This will hold accountability once the meme asset is catalyzed by the awakening of a positive conviction.
DOGE Price Chart on the 4-hour time frame
The 4-hour chart of DOGE highlights the fact that the asset is currently maintaining its sluggish momentum above the macro support line. While the bearish h&s pattern awaits in the long term, the present trend is safeguarded by the long-term support trend line.
May’s bloodshed momentum contributed to DOGE fluctuating inside the bearish continuation pattern, typically known as the descending channel.
As evidenced by the above chart, the price is heading towards the $0.28 mark which is also bolstered by FIB 0. As mentioned earlier, that particular level brings in the ‘make or break factor. Thus, traders must brace themselves for some significant price movements in the upcoming weeks.
The RSI is projecting exhaustion in trend after visiting the oversold territory yesterday. While an RSI of 37 suggests a no-trend scenario, a downtrend in the price of DOGE will lead to another slump in the index.
The MACD is exhibiting mixed signals as demonstrated by the failure of the MACD and the signal line to hold onto a particular trend. The fact that neither buyers, nor sellers are gaining control of the wheel is reflected on the histogram as well.
SUPPORT : $0.28, $0.21
RESISTANCE : $0.37, $0.44
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
