Dogecoin Set For Heightened Downtrend After A Rejection At $0.1293
2024年7月17日 - 12:00AM
NEWSBTC
Popular meme coin, Dogecoin, recently faced a rejection at a
significant resistance level of $0.1293. This setback has led the
crypto asset to start a fresh downward move towards its previous
low of $0.0914. Since DOGE failed to break past the $0.1293
barrier, this has led to speculations among market participants
about the next move of the digital asset. In this article, we will
examine the post-rejection price actions of DOGE with the help of
technical indicators to determine what this rejection could mean
for the crypto asset in the near future. DOGE’s price is currently
trading at around $0.121 and is up by 1.85% with a market
capitalization of over $17 billion and a trading volume of over $1
billion as of the time of writing. In the last 24 hours, its market
cap and trading volume have increased by 1.83% and 73.09%
respectively. Recent Market Performance: Analyzing DOGE’s Price
Action Currently, the price of Dogecoin on the 4-hour chart is
trading below the bearish trendline and has dropped a bearish
momentum after the rejection at $0.129 above the 100-day Simple
Moving Average (SMA). Based on these current price actions, the
digital asset may be poised to maintain its bearish sentiment and
could potentially extend its bearish move toward the $0.1144
support level. The formation of the 4-hour Composite Trend
Oscillator also suggests a potential bearish continuation for the
crypto asset as the signal line has crossed below the SMA of the
indicator in the overbought zone attempting to move out of this
zone. On the 1-day chart, the price of DOGE is dropping rapidly
after failing to break above the $0.129 and the 1-day bearish
trendline. It can be observed that the crypto asset is still
trading below the 100-day SMA and is currently attempting a bearish
move toward the $0.114 support level with a strong bearish
momentum. Finally, it can observed that the signal line and the SMA
are attempting to move out of the oversold zone. However, this may
just be on a short-term note as prices might begin to drop again
thereby signaling more bearishness for DOGE. Potential Support
Levels: Where Could Dogecoin Find Stability? As of right now,
Dogecoin is attempting a bearish move toward the $0.1144 support
mark. If the crypto asset breaks below this level, it will continue
to move downward toward the $0.0914 support level. A break below
this level may trigger more losses for DOGE to test the
$0.0745 level and other lower levels. However, if the price of DOGE
reaches the $0.1144 support level and experiences a rejection, it
will begin to ascend toward the $0.129 resistance level. The crypto
asset may pose a further climb toward the $0.1491 resistance level
and other higher levels if there is a breach above the $0.129
resistance level. Featured image from Adobe Stock, chart from
Tradingview.com
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