Dogecoin’s (DOGE) price fails to sustain the previous session’s gains. The largest meme-coin remained under selling pressure after being rejected near $0.17. As of press time, DOGE/USD is trading at $0.14, down 2.02% for the day. As per the market capitalization, Dogecoin is among the top 10 biggest cryptocurrencies reported by CoinMarketCap.
- Dogecoin (DOGE) price remained under pressure on the first day of the week.
- DOGE set to test January’s low of $0.12.
- Expect a reversal of 50% if holds near the current levels.
In a recent update, Elon Musk has signaled that satellite internet provider Starlink could start accepting Dogecoin. Starlink is committed to offering high-speed broadband internet to customers in the most remote area of the planet. Further, the rumors are ripe that Musk’s SpaceX could also enable Dogecoin payments. According to the U.Today, the space exploration company is already in the process to accept DOGE for a moon mission called DOGE-1 that is supposed to launch in the first quarter of 2022.
However, the fundamental catalyst failed to ignite any meaningful price action in the meme coin.
Dogecoin tests the crucial support zone
On the daily chart, the Dogecoin (DOGE) price has been trading pessimistically from the highs of $0.340 made on October 28 with a devaluation of nearly 65%.
Trending Stories
Investors flipped near the critical support zone placed around $1.45, a break above or below will be a make or break situation for the DOGE.
A failure to sustain the session’s low will highlight the ongoing selling pressure that could result in the retesting of the January 22 lows of $0.12.
The Daily Relative Strength Index (RSI) has breached the moving average thus signaling the downside pressure in the pair.
Alternatively, investors have to apply full force to pierce above the previous day’s high to produce a green candle. Going forward, an acceptance above the $0.18 horizontal resistance line is required to continue with the uptrend.
- Crypto Proponent Outlines Catalysts For Bitcoin’s Next Bull Run, Time To Buy?
- Terra’s UST Causes A 20% Dump In DeFi Token Curve (CRV), Here’s How
- Can Tron Fill The Hole In DeFi Left By Terra?
- Terra Crash Causes Ripple Effect Among Crypto Startups, Here’s How
- Bitcoin (BTC) To Slip Further Below $29K Today, Where’s The Bottom?
- LUNA, UST Volatility Spikes As Voting On Terra Fork Begins
- Panama Delays Legalizing Crypto On This Major Factor
- Big Investors in Terra LUNA Finally Break Silence, Here’s What They Have to Say
- Bitcoin (BTC) Tanks Under $29,000 After A Classic Bull Trap, Still More Pain Left?
- Just In: Russia Minister Hints At Bitcoin Payments Nod
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
