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Dogecoin (DOGE) Price Analysis: DOGE Indicating Significant Bearish Momentum

Bitcoin has recorded powerful price performances within the last two weeks. The price has surpassed the most crucial level concerning price action in 2018 at $7000. Price has succeeded to form new 2019 highs, and many experts currently have an extremely bullish expectation given that the price has surpassed $7000.

Dogecoin falls short in reflecting the bullish performance being recorded in Bitcoin. After showing increases last week, Dogecoin has inverted all improvements this week. Although Dogecoin succeeded to climb above $0.00268, a level of resistance that previously behaved as support, it plummeted beneath this week and is facing resistance at this level once again.

DOGEBTC has breaked a long-term bullish trendline on the weekly chart. Dogecoin needs to resist this position unless there is no significant stop and support to $0.00109, which would strike it down to death. The Short-term frames reveal that action is almost in real-time. You can observe this ineffective around $0.00276 zone with bears dragging the price beneath it on a few candles before bulls pull it up.

Volume rebound to higher levels yesterday, however, vanished off again today. The Selling momentum has been growing with the daily MACD and RSI dipping. In recent price action, Dogecoin has already tested the $0.00268 level several times but has failed to break above. Every test serves to reduce the level by fewer sellers to provide resistance on each trial.

Investing in Doge right now would be too risky, a rise back above the EMA50 would be bullish reversal support and a safe entry position.

About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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