Dogecoin Technical Analysis: DOGE/USD succumbs to selling pressure and is down 17% after a massive rally
|- DOGE/USD had a giant bull rally after getting promoted over TikTok.
- Binance launched a futures contract for DOGE while Bitfinex simply listed the coin.
Dogecoin was trading around $0.002 at the beginning of the month until a massive promotion over TikTok pumped the coin up to $0.0055 in basically no time. Of course, the massive rally had to stop at some point and DOGE is currently crashing, trading at $0.0035, still up almost 100% since its price before the pump.
DOGE/USD 4-hour chart
The 4-hour chart is currently in a downtrend after bulls lost the 26-EMA at $0.0037. The RSI has cooled off significantly and the MACD crossed bearishly on July 9. There is not a lot of support nearby because the move up happened too quickly, the closest support level can be found at $0.0026, the low of July 7.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.