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- Dogecoin is moving lower in the midst of a retracement phase.
- Buyers should keep DOGE price above the $0.070 support area.
- There has been a steady decline in trading volume, in fact it fell by 20% overnight.
Dogecoin price was again caught by market sellers near the latest upside hurdle. Due to selling pressure in the market, most cryptocurrencies often fail to recoup their losses. DOGE is one of them, struggling in a roller-coaster ride. As of now, the price of DOGE is at a critical level and a slip from the current price level could cause major trouble for investors.
Many DOGE investors booked profits in the late October bull run as we saw over 100% rally in just 10 days. Later, the price retracement phase turned into a bearish trend as DOGE price once again reached the two-month support level.
Since 100 days high, DOGE price constantly decreases down when sellers follow selling on rise. As a result, the world’s largest memecoin reached a crucial support level. Buyers reversed the crypto price several times. As of now, Dogecoin may escape this support level due to low trading volume.
At press time, DOGE price is trading at $0.07049 mark against the USDT. sharp selling affected bullish trend, in fact bears are painting fourth weekly bearish candle. Along with 7.24% drop this week, market capitalization reported at $9.34 Billion. If buyers lose $0.070 key support level, DOGE’s worth may decrease below $9 billion in 2023.
Little Positivity in 4 Hour Chart of DOGECOIN
Looking at the 4-hours chart, DOGE price is consolidating well above the $0.070 rounding level. Buyers are actively managing this level to avoid overselling. But the recovery may fail to sustain due to low trading volumes. Buyers should add more money to increase the buying pressure.
The hourly RSI remains in the oversold zone, suggesting a price correction in Dogecoin for the short-term outlook.
Conclusion
Dogecoin price (DOGE) is trading at an important support level at the moment. Buyers below this area could see a further decline of 20% in 2023. On the other hand, there could be a correction in the price towards $0.080 this week.
Support level – $0.070 and $0.050
Resistance level – $0.080 and $0.10
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
