Dogecoin Price Revisits $0.074 Monthly Support; Will It Rise Again?

Amid the recent sell-off in the crypto market, the Dogecoin price witnessed a directional downfall which plunged its price to monthly support of $0.074. However, the weak bullish reversal from this mentioned support indicates the prices will eventually resume the prior downtrend. But how far may this potential rally go?

Key points:

• The Dogecoin price hints at a temporary pullback of 7-16% before triggering the next bear cycle
• A daily candle closing below $0.0074 will signal prolonged correction in this memecoin.
• The 24-hour trading volume in the Dogecoin coin is $295.5 Billion, indicating a 25% loss.

Source-Tradingview                                                                                                                                                                                                                           

In the last three weeks, the Dogecoin price has witnessed significant outflow in response to the recent sell-off in the crypto market. This downfall triggered a V-top reversal from the $0.11 resistance and tumbled 32.6% down to reach the monthly support of $0.074,

This V-top reversal reflects a mountain-type structure and indicates aggressive selling in the market. This downfall entirely offsets the last recovery cycle whiteness during late November. However, On December 17th, this memcoin’s price jumped 5% in an attempt to bounce back from this $0.074 floor.

Furthermore, no significant signs of intense buying pressure during the rebound question the possibility of sustainable recovery. The Dogecoin price currently trades at $0.077, within an intraday loss of 0.88%

Considering if the buying pressure persists, the prices may ride a temporary rally which could retest the $0.0827 or $0.090 flipped resistance.

However, with the higher possibility of a $0.074 support breakdown, the Dogecoin price will resume its ongoing downfall and tumble 15.5% down to reach the $0.065 mark.

Technical  indicator

RSI indicator: The RSI indicator project the strength of the coin’s recent price action; the indicator’s slope diving lower in the bearish territory indicates the increasing bearish momentum.

EMAs: the crucial EMAs(20, 50, 100, and 200) accumulated between $0.09 and $0.0827 levels, creating multiple hurdles for a potential rally to overcome.

Dogecoin Price Intraday Levels

• Spot rate: $0.077
• Trend: Bearish
• Volatility: Medium 
• Resistance levels- $0.82 and $0.092
• Support levels- $0.074 and $0.065

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.