Here’s How Dogecoin Price May Navigate Losing 50% Retracement Level
Highlights
- A bullish breakout from the pennant pattern will trigger a directional rally in Dogecoin price.
- The coin price breakdown below the 20-day EMA may accelerate the selling pressure on the DOGE price.
- The 24-hour trading volume in Dogecoin is $2.59 Billion, indicating a 37% gain.
Dogecoin Price: The cryptocurrency market continued its recent correction on March 19th, with Bitcoin falling below the $65K level, highlighting a broader downturn. Among the hardest hit were meme cryptocurrencies, which experienced significant sell-offs, leading to double-digit losses for well-known tokens like DOGE, PEPE, WIF, FLOKI, and BONK.
Specifically, the Dogecoin price faced a 10.55% intraday loss, teasing a breakdown below the 50% Fibonacci retracement level to prolong the correction trend.
Will the DOGE Price Hit $0.12 Support?
Dogecoin (DOGE), the largest memecoin by market cap, entered a new correction trend in February’s third week as the price reverted from $0.193. The overhead supply at $0.2 coupled with the broader market correction tumbled, this memecoin 31% within a week to currently trade at $0.132.
Dogecoin saw its market capitalization decrease to $18.9 billion following a 10% loss within the day. Nonetheless, it remains the 10th largest cryptocurrency, as ranked by CoinMarketCap.
Amid this downfall, the DOGE price breached the 50% Fibonacci retracement level at $0.14, positioning the asset for further downfall. Losing this support is a sign of weakening bearish conviction and increasing dominance of sellers.
The post-breakdown fall may bolster bears to chase potential support levels at $0.123, followed by $0.106.
Also Read: Dogecoin Price Prediction: Here’s Why Traders Want To Buy DOGE At $0.13
Will the Dogecoin Price Rebound?
If the coin price managed to rebound from the aforementioned support, the buyers would get an opportunity to counter-attack and reclaim the lost ground. However, the potential reversal must breach a downsloping resistance trendline(marked in black) to gain a better confirmation of recovery.
The post-breakout rally may bolster buyers to rechallenge the last high of $0.206.
Technical Indicator
- Exponential Moving Average: The 50-day EMA slope enhances the support strength of the $0.123 demand zone.
- DMI: The DI+(blue) and DI-(orange) lines nearing a bearish crossover could intensify the bearish momentum in the market. Moreover, the falling ADX slope reflects the last recovery rally that pushed the DOGE price to the overbought region.
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