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Thursday, February 16, 2023
HomeNewsCan Dogecoin Slide Further? Key Technical Levels To Maintain An Eye On

Can Dogecoin Slide Further? Key Technical Levels To Maintain An Eye On


Dogecoin stays bearish on the time of writing because it simply broke under its rapid value assist line. Broader market weak spot may be attributed to the value fall. Major market movers have displayed uneven value motion.

Over the final 24 hours, Dogecoin misplaced 2% and within the final week, it declined by 8%. The international cryptocurrency market cap was at $1.93 Trillion as there was a decline of 0.2% within the final 24 hours.

The meme coin has been dealing with robust resistance at its rapid value ceiling. Buyers have additionally determined to put low as a purpose the coin continues to fall prey to promoting strain.

Constant fall in shopping for strain has pushed the coin to interrupt its rapid assist stage and eye its subsequent value ground.

Dogecoin Price Analysis: Four Hour Chart

Dogecoin simply broke under the value assist stage of $0.134 on the four-hour chart. Image Source: DOGE/USD on TradingView

Dogecoin was buying and selling for $0.1324 because it breached its assist stage of $0.1345 on the time of writing. The coin has been bearish and it has been buying and selling in a descending channel that’s thought of to be detrimental.

A continued fall in costs might push DOGE to $0.1279 marking a 4% fall. If the coin is unable to remain on the above-mentioned assist line, it might commerce close to the $0.1190 stage.

Trading Volume was seen within the purple and the bar was smaller than the earlier buying and selling classes, suggesting a sell-off on the charts.

Immediate resistance for the coin was seen at $0.1537 and the coin continued to face rejection on the aforementioned level. Another sturdy resistance for the meme-coin was at $0.1600.

Related Reading | Dogecoin Soared After Elon Musk Bought 9.2% Of Twitter, What’s Next?

Technical Analysis

DogecoinDogecoin skilled detrimental shopping for strain on the four-hour chart. Image Source: DOGE/USD on TradingView

Dogecoin’s costs have been buying and selling beneath the 20-SMA line, which is in accordance with elevated promoting strain. Sellers have been driving the value momentum out there in keeping with the 20-SMA line. A major push from the patrons might present a momentary respite to the coin.

The Relative Strength Index was seen under the half-line signifying that patrons have exited the market. The asset was oversold and undervalued on the press time. Further oversold circumstances can drag costs right down to the following assist stage.

DogecoinDogecoin’s value momentum stays detrimental on the four-hour chart. Image Source: DOGE/USD on TradingView

Awesome Oscillator determines the value momentum of the coin. Dogecoin was on detrimental value momentum. AO projected purple histograms beneath the half-line, which signifies a detrimental value momentum.

Parabolic SAR is an indicator that helps to grasp pattern route and in addition the potential value reversals. Parabolic SAR’s dotted traces have been seen above the value candlesticks, which meant that the value was shifting south on the time of writing. This meant that the value pattern was detrimental on the four-hour chart.

Suggested Reading | Bitcoin Struggles To Breach $40,000 Level, Down 4% In Last 24 Hours


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