Dogecoin price shows potential for more decline. The key levels have been determined.
Dogecoin price is experiencing a decline since the bulls recently dropped support from the $0.06 price. The break could signal the start of a bigger decline since the 8-day exponential as well as simple moving averages of 21 days are expected to create an bearish death cross right over the present trading range.
Dogecoin price is currently at $0.059 This means that the loss in market value to a mere 10 percent for October. It is important to note that the decline currently taking place on a low volume, meaning that the downtrend is slowing or that the bulls are not interested in the price at the moment. In the meantime, the Relative Strength Index witnessed a significant rejection after falling to oversold territory in the most recent selling.
With these two factors with the above factors, a 10% drop is a feasible to target. In the event that mid $0.05 level fails to hold as a level of support, a sweep-the lows event that targets the June 18 swing lows of $0.049 is possible. A move like this could cause an 17% drop.
The proof of the bearish thesis is a daily candle closing over the colliding moving averages at $0.062. If bulls are able to break through the bar, a challenge of the highs in September at $0.063 has a good chance to happen. The price action will bring about an increase of 15% from today's DOGE price.
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