Dogecoin (DOGE) Still Faces Rejection Beneath $0.1 – Price Analysis

  • Dogecoin’s price reveals stagnations near the $0.08 level.
  • The meme coin has hovered near $0.1 since the 11 May colossal fall.
  • Dogecoin’s 24hr trading volume declined by 32%.

Dogecoin price exhibits bearish signals today, maintaining similar trends seen over the previous three days. The meme coin has stagnated near the $0.08 level. While publishing this content, Dogecoin traded at a day high at $0.08647, gaining 2.48% within the past 24 hours.

Nevertheless, Dogecoin has failed to trigger sustained upswings since the 11 May massive crash. The current price action reveals stagnation conditions, and the meme coin might drop before uptrends. For now, the nearest support stands at $0.082. Meanwhile, the canine-themed crypto may need to fall towards the $0.078 support to draw buyers into the marketplace.

Bitcoin price presented upside moves today after gaining 2.49% within the past 24 hours to $30,138.83. Ethereum also surged 2.56% to explore the $2,000 mark. The altcoin market presented similar actions. For instance, Cardano climbed to $0.5463 after a 3.39 24hr uptick. Other impressive upswings came from Ripple, Solana, Polkadot, and Avalanche.

24Hr Analysis: Market Valuation on a Significant Drop

Dogecoin’s 24-hour chart shows prices printing a rectangular setup, confirming stagnation with the current bias. The alternative token has struggled to overcome the barrier at $0.85 since 17 May 2022. Moreover, technical indicators show prices might drop before uptrends emerge.

For now, Dogecoin enjoys upside trends as the overall market depicts upsurges. The closest challenge will be overcoming the critical 50-day EMA at $0.89, the next resistance zone. Moreover, sellers might target that region to catalyze downtrends and escape the stagnating conditions.

The 24hr Relative Strength reinforces the above narrative as it maintained a straight line within the oversold territory. The indicator declines steadily, reading 33.68, whereas the 19% decline in trading volume revealed a similar situation.

Furthermore, the MACD curve forms lower peaks and could drift from the neutral level in the coming 24hrs to create a bearish divergence. Equally, upside consolidation will meet a cap before hitting $1, where sellers can trigger massive pressure.

Feel free to share your comments in the section below.

By Edward Richardson
No widgets found. Go to Widget page and add the widget in Offcanvas Sidebar Widget Area.