DOGE price reaches $0.13 after dropping 20% in one month
Dogecoin is currently hovering around the $0.1337 mark, displaying a 1.43% increase in the last 24 hours. Despite some short-term buying activity, the momentum for upward movement is constrained around $0.137–$0.138 as sellers continue to assert pressure on the price.
Over the past month, Dogecoin has experienced a downward trajectory, forming lower peaks and troughs as it dropped from approximately $0.162 to around $0.13. This decline signifies a significant 20% decrease, showcasing sustained selling pressure with feeble attempts at recovery.
A monthly chart analysis by Ali Martinez reveals a weakening structure for Dogecoin, with the price struggling to surpass the $0.16 level. A rejection from the critical resistance zone between $0.40 and $0.43 has shifted the asset into a corrective phase. The current position near $0.14 reflects the challenges faced by Dogecoin in overcoming the resistance and reclaiming higher price levels.
From a long-term technical perspective, maintaining the support zone between $0.12 and $0.10 is crucial for preventing further downside risks. A breach below $0.14 could escalate selling pressure towards these levels. Conversely, a sustained monthly closure above $0.16 is imperative to indicate a resurgence in buyer confidence and promote positive market sentiment.
On the daily chart, Dogecoin continues to exhibit a bearish to sideways trend, with the price hovering around $0.136 following a gradual decline. The critical support zone ranging from $0.13 to $0.125 has acted as a significant barrier against further price erosion, with buyers consistently intervening at these levels. Resistance is evident near $0.145–$0.15, limiting any recovery attempts and defining the short-term trading range.
Technical indicators on the daily chart depict a scenario of weak momentum with the RSI hovering around 40.60, indicating a lack of deep overselling but also hinting at existing selling pressure. The MACD remains slightly negative, with both the signal and MACD lines positioned below the zero mark, signifying prevalent bearish momentum. However, a flattening histogram suggests a potential decline in downside momentum strength.
In conclusion, Dogecoin finds itself at a critical juncture in its price action, with the asset struggling to maintain stability amidst persistent selling pressure. Upholding crucial support levels and surpassing key resistance barriers will be vital in determining the future trajectory of Dogecoin in the volatile cryptocurrency market landscape.
