Can Dogecoin Slide Further or Key Technical Levels To Keep An Eye On
Categories: Crypto News US
Dogecoin stays negative at the hour of composing as it just broke underneath its nearby cost help line. Broader market weakness can be attributed to the price fall. Major market movers have displayed choppy price action. Over the last 24 hours, Dogecoin lost 2% and in the last week, it declined by 8%. The global cryptocurrency market cap was at $1.93 Trillion as there has been a decline of 0.2% in the last 24 hours. The meme coin has been facing tough resistance at its immediate price ceiling. Buyers have also decided to lay low as a reason the coin continues to fall prey to selling pressure.
Dogecoin was exchanging for $0.1324 as it penetrated its help level of $0.1345 at the hour of composing. The coin has been negative and it has been exchanging a sliding channel that is viewed as negative. A proceeded with fall in costs could push DOGE to $0.1279 denoting a 4% fall.
Assuming the coin can't remain on the previously mentioned help line, it could exchange close the $0.1190 level. Immediate obstruction for the coin was seen at $0.1537 and the coin kept on confronting dismissal at the previously mentioned point. One more solid obstruction for the image coin was at $0.1600.
Technical Analysis
Dogecoin's costs were exchanging underneath the 20-SMA line, which is as per expanded selling pressure. Merchants were driving the cost energy in the market as per the 20-SMA line. A significant push from the buyers could provide a momentary respite to the coin.
Parabolic SAR is an indicator that helps to understand trend direction and also the potential price reversals. Parabolic SAR’s dotted lines were seen above the price candlesticks, which meant that the price was moving south at the time of writing. This meant that the price trend was negative on the four-hour chart.