DOGECOIN Price Analysis: DOGE Token Price Falling With No Sign Of Reversal

  • DOGE coin price has failed to rise above the resistance trendline in the daily chart.
  • The coin price is hanging tight above the 200-day EMA as the other EMAs trend lower.
  • The pair of DOGE/BTC is trading at 0.000006337 with an intraday fall of -1.96%
Source- tradingview

The sudden and sharp sell-off at $0.68 with large volumes caused the DOGECOIN’s coin’s  price to fall more than 70%. Increased selling pressure led to the breach at $0.56, $0.43, and 50 EMA levels in the daily technical charts.

The coin price eventually found support at $0.17, close to the 200 EMA. It then formed a bullish engulfing structure with a boom of buying pressure, resulting in a strong momentum uptrend.

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However, the latest uptrend was another failure in the DOGE price chart as the bulls failed to raise the price above the resistance trendline. 

Further downside movement may start with the resistance trendline drawn from $0.56. Investors might be able to gain entry points by waiting for the trendline breakout. However, it is an unlikely possibility.

Presently, the DOGECOIN price is $0.2132, with a fall of -66.00% in the intraday trading volume. The market cap of DOGE token price has fallen 2.02% in the past 24 hours. 

Will Bears Break The $0.167 Markmark Of DOGE Token Price?

Source – tradingview

DOGECOIN price has performed a price reversal with a boom in selling pressure. The strong supply zone near the trendline has been pushing the bulls down and thrashing their every attempt to enter the recovery phase. 

As per the 4-hour timeframe, the coin price is trading just below all the significant EMAs, projecting a downtrend. Furthermore, the coin price also drives back down from the resistance trendline, implying that underlying bearishness is rising. 

The RSI (bearish) indicates bearish momentum as the RSI line dips near the overbought zone and might soon head lower.

The ADX indicates a fall in trend momentum as the slope in ADX falls, projecting the uptrend has lost momentum.

Conclusion – DOGECOIN price is trending lower with no signals of reversal in price action or technical indicators. The coin price may likely hit the $0.167 mark soon.

However, Investors may soon see a fallout of the $0.167 shortly if the price fails to rise above the resistance, which seems very unlikely due to the increasing underlying bearishness.

Support– $0.167 

Resistance– $0.22

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Vishal Dixit
Vishal Dixit is a technical analyst with over a year of experience in the Indian stock market. He likes to read, learn and practice more about cryptocurrency, Forex, and Equity. He possesses strong technical and analytical skills in the financial market which comes from a strong background as a chemistry graduate and chess enthusiast.

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