Dogecoin (DOGE), has been moving downwards from the second half of 2021 to November.
- Current DOGE price is at 0.06247, or up by 0.88%
- Dogecoin is trailing since November 2021
- DOGE shows some bearish movements
DOGE has experienced a rollercoaster with many ups and downs. Dog meme coin DOGE is seen to be on a rollercoaster ride with up and down sequences.
DOGE experienced a significant rally in August, when it climbed from $0.059 to $0.087.
Dogecoin currently sits in the demand zone since July. CoinMarketCap shows DOGE up by 0.8%, or trading at $0.06247 (as of the writing). With the rate it’s going, Dogecoin may possibly maneuver towards the $0.07 zone.
Doge Likes to Make a U-turn Towards Bears
DOGE looks bearish over a longer timeframe while Bitcoin shows some weakness. DOGE managed to hold the support zone, but the momentum seems to be heading towards bears.
Bitcoin and altcoins have always had a significant influence on DOGE’s success. It can move alongside Bitcoin, regardless of whether Bitcoin is the crypto king or not.
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DOGE was seen hovering in the $0.063-$0.77 range from July through August. BTC still faces strong obstacles at $20.4k and $20.8k as of press time
DOGE can move higher on charts if Bitcoin can surpass these levels.
Dogecoin’s CMF Shows Intense Selling Pressure In August
DOGE technical indicators show a bearish view. Additionally, RSI has also moved down the 50 zone as seen in the past couple of days which validates the coin’s bearish momentum.
Similarly, OBV isn’t showing signs of slipping as it firmly held on to the key support line that it has been sitting in for the past few months. CMF has also shown intense selling activity during August.
Further, the Bollinger Bands is shown to spike which indicate intense volatility following DOGE’s slump from the $0.085 mark.
In any case, if OBV can’t stay on the support zone in the next few weeks, then DOGE might plunge below $0.055.
It’s important for DOGE to remain at the $0.061 level which has been particularly been pivotal in the months of February and March in 2021 because once DOGE loses its grip on those key levels, the meme coin can drop sharply to the $0.049 and $0.05 levels.
Crypto market capital at $952 trillion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from Finance Magnates. Chart by TradingView.com