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Despite the recent growth in the crypto market, the dogecoin price continues its downward trend. On December 14th, the memecoin breaks below a $0.09 support with sufficient volume, indicating likeless of further downfall. How far may this potential fall carry Dogecoin in the coming weeks?
Key points:
- A resistance trendline of a 4-hour time frame chart assists sellers in prolonging Dogecoin losses
- The Dogecoin price plunged below the 200-day EMA support
- The 24-hour trading volume in the Dogecoin coin is $467.5 Billion, indicating a 30% loss.
Are whales Accumulating Amid Dogecoin Fall?
Source- Intotheblock
Intotheblock, the on-chain data provider, showcased their Dogecoin has been witnessing huge whale transactions since December 10th. The Large transaction metric records transaction value greater than $100000 to figure out how institutional investors and whales react to the current market scenario. These players have a better understanding of the market, so their activity could highlight an important turnaround mark.
Thus, despite a steady downfall in Dogecoin price, a rising slope in this onchain indicator hints at whale accumulation. On December 13th, the indicator shows a two-week high value of 1.48k transactions.
Dogecoin Price Analysis
Source-Tradingview
Over the last two weeks, the Dogecoin price showcased weakness compared to market leaders like Bitcoin and Ethereum. On December 5th, the coin price turned down from the $0.1 resistance and triggered a v-top reversal. This downfall registered a 20% loss and plunged the Doge price to its current level of $0.87.
Moreover, the falling prices breached local support of $0.09, indicating the seller are confident in reaching lower levels. Yesterday, this memecoin witnessed a 3.6% loss and offered a daily candle closing below the $0.09 mark.
If the price shows sustainability below the breached support, the sellers may drive Dogecoin 15% down to $0.0735.
Technical indicator
RSI indicator: A recent downfall in the RSI indicator, which reflects the strength of the coin’s recent price action, displays a bearish outlook as its slope nosedive below the neutral line
EMAs: with the recent downfall, the Doge price dipped below the 20, 50, and 200 daily EMAs offering additional confirmation of potential downfall.
Dogecoin Price Intraday Levels
- Spot rate: $0.087
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $0.09 and $0.1
- Support levels- $0.082 and $0.073
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