Dogecoin (DOGE) Price Under Strong Selling Pressure, Key Support Levels to Watch

Bhushan Akolkar
December 12, 2023
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Dogecoin Price to $1

While most of the altcoin market is showing good recovery, the world’s largest memecoin – Dogecoin (DOGE) – is facing strong selling pressure. As of press time, the Dogecoin (DOGE) price is down by over 4% trading at $0.095 and losing its ninth spot to Avalanche (AVAX).

Key Support Levels to Watch for Dogecoin

Cryptocurrency analyst Ali Martinez has reported that the TD Sequential indicator has issued a sell signal on the weekly chart for Dogecoin ($DOGE). This development coincides with Dogecoin encountering a significant resistance level that has previously hindered its upward movements.

Courtesy: Ali Charts

In the event of a correction, Martinez suggests potential price declines to the range of $0.085 to $0.078. However, a bullish scenario could unfold if Dogecoin manages to surpass the $0.11 mark, effectively negating the bearish outlook.

The $0.0959 level holds significant importance for Dogecoin ($DOGE), historically serving as a resistant barrier that the meme coin struggled to breach for nearly 11 months until achieving a breakthrough in the past week.

Following this recent breakthrough, Dogecoin’s price is now vulnerable to potential further declines, risking the loss of support at $0.0900. The subsequent critical support is at $0.0840, and a breach could lead to an 11.5% downturn for the cryptocurrency.

Despite the recent setback, indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are still reflecting some bullish sentiment in the market. This positive outlook could contribute to a recovery, potentially aiding DOGE in reestablishing $0.0959 as a support level. This achievement might propel the meme coin towards $0.1000 and set the stage for further upward movements.

DOGE Founder Reacts to Bears

In the early hours of Monday, Dogecoin founder Billy Markus, also known as Shibetoshi Nakamoto on Twitter, humorously responded to bearish sentiments. Markus took to Twitter, stating, “oh no crypto died everything is dead blah blah blah.” The jest received positive reactions from the community, including approval from Elon Musk, the owner of X and affectionately dubbed the “DOGEfather.”

There’s a new boss in the memecoin space and it’s the Solana-based BONK crypto. In the recent week, the memecoin Bonk, operating on the Solana blockchain, has notably outperformed its counterparts. Demonstrating an impressive surge, the digital asset recorded a remarkable 150% increase in value, surpassing the gains of Dogecoin, Shiba Inu, Pepe, and Floki Inu, ultimately achieving an all-time high.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.