Dogecoin price can fall further

 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 can fall further

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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