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- 1 Doge price is trending under a severe downtrend below the 200 EMA and major key averages.
- 2 DOGE price might give a short rally in the ongoing bear trend
Although the buyers did support the price from its crucial support level it couldn’t cross its previous resistance and took a correction. As of now the DOGE is trading on a bearish trend after making a bull move and gaining 40% it lost 29% of its value in the recent downtrend. If the DOGE price takes support from its recent support level it might make a bullish rally of 11%
The Doge price recently gave an extremely bullish move of more than 90% and doubled its value after making a triple bottom-like pattern after breaking out of its resistance around the price level of $0.0645 with a strong bullish candle. This extremely bullish rally was said to be caused by the takeover of Twitter by Elon Musk around late October. Although almost after a week after hitting the target of $16.000 the buyers stopped supporting the price while the sellers took over after taking resistance from its previous high while keeping up with the bear trend by making a lower high and taking a downturn of 50 percent.
DOGE Price trading under a severe Downtrend on (Daily Timeframe)
The overall market is currently trading in the fear zone of around 44 points according to the greed and fear index which is seeing a sudden decline of 6 points since last week when it was trading at 50 points at neutral levels showing that the fear is taking over the buyers as per the greed and fear index provided by the site Alternative (dot) me. While the sellers are currently dominating most of the major cryptocurrency exchange platforms by 50 – 56% coinciding with the current market sentiments according to the Coinglass site.
The RSI line is trading near the demand zone within a critical downtrend. The RSI line is currently trading near 32.25 points in the oversold level just above the 30 points while taking resistance from the 14 SMA.
Conclusion
The Doge-coin is at present trading around its recent support level around the price of $0.071 while trading under a downtrend and its next support level is 9% below the current price around the price level of $0.064 although its next resistance level if it makes a rally is 10% above around $0.076. However, if it brakes its resistance and makes a higher high and a higher low from the current levels DOGE price might give an extremely bullish move of 40%.
Technical levels
Support – $0.071 and $0.064
Resistance – $0.076 and $0.100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
