Why Dogecoin Price Must Hold 50% Fibonacci Support?
Highlights
- The DOGE price break below the 20-and-50-day EMA indicates the near-term trend turns bearish.
- For buyers to regain control over the asset they must maintain the overhead resistance trendline leading to the current correction.
- The 24-hour trading volume in Dogecoin is $1.95 Billion, indicating a 26.5% loss.
Dogecoin Price: Amid the crypto turmoil in the market since last week, Dogecoin presents key opportunities for investors to buy long and sell higher after Bitcoin halving this coming weekend. The leading meme coin must hold support above $0.15 to keep traders motivated, and eyeing a breakout above $0.2 in the short term.
Also Read: Why Investors Are Dogging Dogecoin (DOGE) and Combating 10.7% Drop with New A.I Cryptocurrency Presale Token
Will Dogecoin Price Lose $0.14 Amid Market Correction?
Dogecoin entered the current correction trend in late March, as the price reverted from the high of $0.288. The bearish downturn plunged the coin value 35% within three weeks to the current trade at $0.14.
The formation of new lower highs and lows signals a change in market sentiment from “buying on dip” to “selling on rallies”. The downsloping trendline in the daily chart acts as dynamic resistance and leads the current projecting of a downtrend. This falling price has recently breached the 50% Fibonacci retracement tool— a key support for buyers to maintain their dominance over the asset.
By the press time, Dogecoin trades at $0.148, and with a market cap of $21.4 Billion, it maintains its position as the 8th largest cryptocurrency.
If the breakdown sustains, the DOGE price may plunge 16.4% to hit the March 2024 low of $0.124. With less than 2 days for Bitcoin halving, the aforementioned levels act as a crucial reversal point.
Historical trends suggest that Bitcoin typically takes a while to embark on its rally post-halving, and thus altcoins may require even more time before showing bullish momentum. Thus, the potential trend for Dogecoin price for the near term seems sideways.
Technical Indicator
- Directional Movement Index: A bearish crossover between the DI+(blue) and DI-(orange) indicates the sellers are leading the short-term trend of SHIB price.
- Exponential Moving Average: The memecoin price trading above daily EMAs 100 and 200 highlights the broader trend remains bullish.
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