- The DOGE coin price fell 10% showcasing bearish momentum.
- DOGE’s price broke the important support level of $0.22136.
Dogecoin crypto is in bearish momentum heading down by making a lower low structure. The price witnessed a sharp decline and fell more than 10% approx in the last 24 hours. Sellers successfully dragged the price below key moving averages and started a bearish trend.
At the beginning of December, the DOGE coin price hit the high of $0.46766 and attempted to break out of the $0.48 hurdle. That attempt failed and the price faced sharp rejection. Slowly and steadily, the price begins to decline by forming a lower low structure break below the 50-day and 200-day EMA levels.
Major indicators are in the bearish zone. The RSI curve is hovering at 26.44 below the 14-day SMA curve showcasing bearish dominance. MACD forms a new death crossover and hovers in the bearish zone indicating price could decrease further.
As per the CoinMarketCap data, currently, the Dogecoin crypto price is trading at $0.20494 with an intraday drop of 10%. The 24-hour trading volume is $2.7 billion and the market cap stands at $29.72 billion. The community sentiment is 86% bullish and 14% bearish.
Will Dogecoin Price Bounce back?
Dogecoin price analysis suggests bears are active, dragging the price down. So the price may continue to decrease. However, if the buyers succeed in climbing above the 50-day EMA, it will increase the possibility of bouncing back.
Investors must be careful about the current levels and wait for a breakout to inject big money before making any move. $0.18271 and $0.14690 could act as the support levels and $0.2596 will be the resistance level.
Moreover, the trading view technical summary also supports the bears. As per the technical summary of the trading view for Dogecoin crypto, out of 25 indicators, 15 are on the sell side, 10 are on the neutral side and zero are on the buying side, suggesting bearishness.
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Source: https://thenewscrypto.com/dogecoin-doge-price-drops-10-amid-rising-selling-pressure/