Even after the Bloodbath of June 2021, the DOGE price never breached the support zone at $0.155. However, this new year the bears finally took this leap and dropped the price below this bottom support. The price is currently trying to sustain below this $0.155, which could lead to a further down rally in this coin.
Key technical points:
- The DOGE price faces strong resistance from the 20-day EMA
- The intraday trading volume in the DOGE coin is $1.59 Billion, indicating a 132.9% hike
In our previous coverage of Dogecoin technical analysis, the coin price teased a bullish breakout of a double bottom pattern. However, the price failed to rise above the resistance trendline and resulted in a retracement and a downfall below the support zone between $0.16-$0.155.
Currently, the price shows higher price rejection from the support zone reflecting a retest of the bearish breakout.
The technical chart shows the crucial EMAs(20, 50, 100, and 200) are steadily sloping downwards, indicating the bearish trend. Moreover, the 20 and 50 EMA lines are majorly rejecting the bullish pullbacks in this downtrend.
The Relative Strength Index(37) indicates a bearish sentiment among the market participants.
Retest Brings Back The Underlying Bearish Momentum Overcoming The Bullish Outburst
The DOGE price action shows an instant formation of a bearish candle as soon as the price reaches the resistance trendline. Therefore, the price action shows a successful retest of the bearish fallout.
The ADX (48) recovers after a sharp fall in the bearish trend momentum due to the sudden bullish outburst. However, the reversal after retest sets the bearish trend in motion, and a rise in momentum can be seen shortly.
The traditional pivot suggests the important resistance levels in the DOGE/USD chart are at $0.156, followed by a $0.168. Meanwhile, the support levels are $0.138 and $0.127.
- OpenSea’s Meteoric Rise May Trigger An Ethereum Crash, Here’s Why
- Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Bitcoin S2F Founder says Current dip cannot stop Bitcoin from Adding Another Zero
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?