Summary
Price: 0.2176, 0.82 percent decrease in a day
The weekly performance is negative 8.96 per cent and was at 0.2405.
The intraday range between high and low is 0.2372 and 0.2169
Market Cap: 32.66 billion, -0.14%
Trading Volume: Increased 109.59 percent to reach $2.78 billion
RSI (Relative Strength Index): 56.25 (Neutral)
Support Levels: 0.2145, 0.2135, 0.20126, 0.19298
Resistance Points: $0.2250, $0.2320, $0.2380, $0.2720, $0.2850
EMA (50, 100, 200 Days): 0.19594, 0.20635, 0.21682
Is Dogecoin going dead?
The largest memecoin by the market cap Dogecoin (DOGE) is selling at the price of 0.2176 dollars, which is a small fall of 0.82 percent over the last 24 hours. The fall represents a consistent downward direction since the beginning of the week when the currency was opened at 0.2405, which is a 8.96 percent fall in a week.
Although the trading volume has increased, going up by 109.59 percent to 2.78 billion, 4-hour chart parameters show that there was immense selling activity. This is a cause of concern among traders and holders because DOGE is lingering back in key support points.
Technical Analysis Summary
DOGE has not been invariant as it has intraday high and low of $0.2372 and 0.2169 respectively. Although the market cap reduced marginally to 32.66 billion dollars, the Relative Strength Index (RSI) stands at 56.25 meaning that the market is at a neutral level as at now.
Exponential Moving Averages of the 50, 100, and 200-day lines are at 0.19594, 0.20635 and 0.21682, respectively — telling a crucial significance of the current trading vicinity.
What should be seen next?
In the event the price rises:
- The first line of resistance is at 0.2250.
- More resistance areas at 0.2320 and 0.2380
- A breakout will potentially make DOGE reach $0.2720 and even $0.2850
In the event that the price breaks down:
- The immediate support lies at the level of $0.2145 and $0.2135
- A decline to levels below $0.2135 is likely to initiate a bear run to levels of $0.20126 and $0.19298
Forward Look and Flashback
On April of this year, DOGE reached a historic low of 0.13 which later spiked to 0.26 by May 11. However, the same bullish movement seems to be subsiding with the coin currently consolidating at support. It will mostly depend on short-term mood of the market and general trend of Bitcoin as to whether it will either rebound or decline further.
Official words of the founder of Dogecoin or any influential people in it have not emerged yet regarding this dip. The close attention by the market will be given to the behavior of DOGE along the support line of $0.2135 since the breach of this area will precondition the further correction.
Final Take:
Dogecoin continues to carry weight as it has solid community support, trading volume, and popularity, but at a technical fork in the road. Before taking any further move, traders ought to pay close attention to the price action around the major support and resistance levels.