Dogecoin Slides To Support Of $0.11; These Indicators Point To Bearish Weakness 

  • After breaking out from its long-range channel movement, DOGE’s price shows much strength but has struggled recently.  
  •  DOGE suffers more sell-off as price loses steam to rally higher, falling to its key support for bulls to push price up.
  • DOGE’s price remains strong on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).

The Dogecoin price (DOGE), recently saw some impressive price action, rising to $0.15 and gaining more than 150% in just 7 days. However, it has not lived up to its initial hype. All assets have seen some relief, but Bitcoin (BTC), showing strong traction and rallying the market, has shown some improvement. Dogecoin, (DOGE), was the leader of the rally but it has not been able to recover its former form over the last few days. (Data from Binance).

Dogecoin Price Analysis On the Weekly Chart

Many altcoins have continued to show over 2000% growth over the last week, breaking free of range bound movement. This is a sign that many people believe there may be more hope in the cryptocurrency space. 

Altcoins are looking more positive in this week’s new week. A MASK rallied over 2000% in 7 days. It shows the volume and price action for buy orders. Although DOGE has shown some movement, the price is still not up to $1 for this amazing memecoin.

DOGE dropped from its $0.73 high a while back. DOGE prices have struggled to hold a rally that left many feeling happy, just like other memecoins. DOGE loyalists hope DOGE rewards them for their loyalty as DOGE soldiers. 

DOGE’s price fell to $0.05 per week. The price quickly rebounded and reached $0.155 before being rejected at $0.12.

Weekly resistance for the price of DOGE – $0.155.

Weekly support for the price of DOGE – $0.12.

Doge Price Analysis On A Daily (1D) Chart

Source : DOGEUSDT At| Source: DOGEUSDT On

The price of DOGE has continued to be weak in the daily price range. There have been more price selloffs recently than ever before, and everyone was hoping for a rally up to $1.

The DOGE price continued to fall after displaying a bearish divergence over the 4-hourly period. Many wonder if it was a fraud pump, as some would like the name.

According to the Fibonacci Retracement Value of 32.8%, DOGE’s price is at this point. This means that DOGE will see more sales if it breaks below this level.  

Daily resistance for the DOGE price – $0.15.

Daily support for the DOGE price – $0.11.

CNBC, Tradingview Charts

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