- Dogecoin price continues downward slide.
- $0.223 is near-term support.
- $0.125 is the near-term bearish target.
Doge price continues to slide lower, following the broader cryptocurrency market. Primary oscillators levels indicate oversold conditions, but bulls are unable or unwilling to support price. Thus, a shift to bear market conditions may be coming sooner rather than later.
Dogecoin price must hold at $0.223 to prevent further downside movement.
Dogecoin price could close around $0.23 and create the lowest close in the past thirty-six days. While a deeper bearish target towards $0.66, bulls will likely find support against the 61.8% Fibonacci Expansion at $0.186. The Relative Strength Index has crossed below the final oversold condition in a bull market (40. Further movement below 40 in the Relative Strenght Index means a likely shift to bear market conditions - the next support level in the Relative Strength Index would be at 30.
The Composite Index has touched historical support zones, but Dogecoin failed to respond with a bullish reaction. As a result, the Optex Bands may have to move to extreme lows and oversold levels before any genuine bullish change occurs.
DOGE/USDT Day Chart
Bears will need to be cautious about any move that puts the Lagging Span above the candlesticks. This would occur at $0.333. However, there remains a significant cluster of resistance before Dogecoin could entertain a truly bullish drive higher. Between $0.256 and $0.285 is the Tenkan-Sen, Kijun-Sen, Senkou Span B and Senkou Span A. In other words, all primary resistance levels on an Ichimoku chart are just above Dogecoin’s current price.
Dogecoin price will be under significant threat in the eventuality of any move below $0.157. There is a massive gap in the volume profile between $0.157 and $0.090 and that gap could trigger a future flash crash.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.