At the time of writing, Dogecoin (DOGE) is trading at $0.070. The meme-coin struggled to recover after facing rejection at $0.076, with bulls unable to gain momentum. The current overhead resistance for DOGE is $0.073. If this level is breached, it could push the meme-coin to $0.078.
However, if the price falls from the current level, it is likely to reach $ 0.068 and may even fall to $ 0.066, which will result in an almost 6% decrease in value. The trading volume of DOGE in the previous session showed a red signal, indicating increasing selling pressure.
Technical Analysis
Throughout most of the month, the demand for meme-coin remained low. This can be seen from the Relative Strength Index (RSI) which remains below the 40-mark and almost reaches the 30-mark, which indicates oversold conditions.
Additionally, the asset price is consistently trading below the 20-Simple Moving Average line, suggesting that sellers are the driving force behind market price momentum.
Throughout the month, DOGE lacked positive demand, and its chart showed sell signals. Moving Average Convergence Divergence (MACD), which indicates price momentum and reversals, forms red histograms below the middle line.
This suggests a sell signal, indicating a potential price decline in future trading sessions. The Bollinger Bands indicator is expanding in terms of price volatility and volatility, indicating that DOGE may experience price volatility in the next trading session. For Dogecoin to recover soon, it relies on broader market strength.
Featured Image From UnSplash, Charts From TradingView.com
