While Dogecoin approaches the support level of $ 0.30, will sellers take control and will they lower the price to $ 0.26?
While Bitcoin falls below $ 100,000, the parts even experienced a sharp decline. The market capitalization of parts even fell to $ 90.46 billion, and Dogecoin experienced an 11% drop in the last 24 hours.
The growing sales pressure now weighs on the level of psychological support of $ 0.30, exposing a risk of significant drop. Under these conditions, will Dogecoin manage to have critical support?
Dogecoin price analysis
Within 4 hours chartThe Dogecoin price trend reveals a rupture of the local support trend line. This occurs after the play even managed to maintain a domination close to the level of fibonacci of 50 % to $ 0.35321. This breakdown signals an increased lower activity on the market, exerting pressure on critical support levels.
In the last 12 hours, the three consecutive lower candles represent a decrease of 10.77 %, passing under the fibonacci level from 38.20 % to $ 0.33. The downward trend has influenced the fatal crossing between lines 50 and 200 EMA and warns against a negative crossing between lines 100 and 200 EMA.
This crossing could exacerbate the dynamics of sale, making the recovery more difficult in the short term.
In addition, the 4 -hour RSI line fell under the line of occurrence, reflecting the massive bearish movement. This indicates that the sellers firmly have control, the bruises having trouble resuming their momentum.
DOGE Prix Objectives
While the downward downward trend lowers the market price to $ 0.3,3130, the part could test critical support at $ 0.30. The request zone at $ 0.30 coincides with the Fibonacci level of 23.60 %, which adds to its importance.
Since last year Christmas, Dogecoin has managed to maintain its domination above this level. Therefore, a strong fence under this support will mean the start of a massive correction movement.
The critical support for Dogecoin remains at the support level of $ 0.265, followed by the psychological bar of $ 0.20. On the other hand, a bullish reversal compared to this level will probably again test the broken horizontal level of $ 0.33.
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