Falling Dogecoin Price Halts At $0.8 Local Support; Will Buyers Take Over?

Under the influence of a parallel channel pattern, the Dogecoin price witnessed a steady recovery for over a month. The series of new higher highs and higher lows pushed the coin price to $0.098, which is currently the local top. However, amid the recent sell-off in the crypto market, the Dogecoin price gave a massive breakdown from the pattern’s support trendline on February 9th. This breakdown has created a sense of the upcoming correction phase, which would evaporate the gains records in the January rally.

Key Points:

• A dogecoin price is likely to revisit the $0.087 barrier before continuing the prevailing downfall.
• A bearish crossover between the 20-and-200-day may attract more selling orders in the market. 
• The 24-hour trading volume in the Dogecoin coin is $383.2 Billion, indicating a 3.5% gain.

Source-Tradingview

By press time, the DOGE price trades at the $0.082 mark and continues to hover above the $0.0793 support. In the last six-day, the daily chart showed several short body candles with rejection wicks on both ends, indicating market participants struggle with uncertainty.   

Considering the memecoin face more buying pressure, the prices may rise 8.8% to retest the $0.897 mark as a potential resistance. The coin holders should mark this level as it could significantly influence Dogecoin’s future price.

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Thus, if the coin price turned down from the $0.897 barrier, it will indicate the market sentiment has shifted from buying on dips to selling on rallies. Thus, the potential breakdown may push the prices below the $0.0793 support.

On the contrary note, a breakout from the $0.897 barrier will undermine the pattern breakdown and rechallenge the $0.1 ceiling.

Technical indicator

RSI: The daily RSI slope wavering just below the midline indicates the market sentiment leans on the seller’s side.

EMAs: the crucial daily EMAs(20, 50, 100, 200) gathering between Dogecoin’s current price and $0.0897 resistance indicates its easy road for the coin to resume its ongoing downtrend.

Dogecoin Price Intraday Levels

• Spot rate: $0.082
• Trend: Bearish
• Volatility: Medium 
• Resistance levels- $0.089 and $0.1
• Support levels- $0.079 and $0.071