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Following the recent recovery, the dogecoin price turned down from $0.11 resistance and triggered a V-top reversal. This reversal looks like a triangle and, in theory, indicates aggressive selling in the market. This steady downfall may undermine the recent recovery and could plunge this memecoin back to $0.0735. mark.
Key points:
- A possible retest to the $0.0735 support may stall the ongoing downfall
- The RSI indicator, which reflects the strength of the recent price action, projects a negative outlook as its slope slips deeper into a bearish zone.
- The 24-hour trading volume in the Dogecoin coin is $1.03 Billion, indicating a 42% gain.
Source-Tradingview
On December 5th, the Dogecoin price showed a sharp rejection from the $0.11 barrier. The resulting reversal and weakness in the crypto market tumbled the coin price by 26% in the last two weeks.
This downfall breached the $0.1 and $0.8242 support levels indicating the sellers are ready to lower the prices. Today, the Dogecoin price is 5% down and shows a decisive breakdown from the mentioned $0.824 support.
If the daily candle closes below this support, the short-selling may get an additional resistance level to prolong a deeper correction. Thus, if the selling pressure persists, this memecoin may drop 10% to revisit the $1100-$1080 support zone.
However, the $1100-$1080 support level is a strong accumulation zone and could replenish the bullish momentum.
Technical indicator
MACD: The increasing spread between the MACD and the signal line indicates the rising selling pressure in Dogecoin. Moreover, these slopes on the verge of dropping below the midline will provide additional confirmation for sellers.
RSI: The daily RSI slope dives deeper into the bearish territory, accentuating the increasing bearishness in the market.
EMAs: with the recent downfall, the coin price nosedive below the crucial EMAs(20, 50, 100, and 20), suggesting the sellers have trend control.
Dogecoin Price Intraday Levels
- Spot rate: $0.08
- Trend: Bearish
- Volatility: Low
- Resistance levels- $0.082 and $0.89
- Support levels- $0.072 and $0.066
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