Dogecoin Faces the Reality of an Even Further Decline in Price -Breaking
- After the bulls lost support at the $0.08 level, the (DOGE-) price remains in turmoil
- It appears that the bears will not let go of their grip on the meme currency until the liquidity at the May 12th lows, $0.068 is removed.
- DOGE now has a market value of $0.07625, after a drop in price by 3.62% over 24 hours.
Dogecoin’s (DOGE) prices are still in chaos following the loss of support from bulls at $0.08. After bears broke through a triangle structure which had been positioned on DOGE during May, the DOGE price will drop further.
Doge/USDT 1-day chart (Source FXStreet).
Bears will likely begin to inject capital into short positions in order to take advantage of the imminent price decline. A further troubling aspect is the fact that the bearish-engulfing candle has broken the structure and is now in free fall.
DOGE currently has a value of $0.07625. There is still the possibility of a brief pause before moving to $0.072. The bears seem unlikely to let go of their grip on the meme currency until the liquidity at the May 12th lowest level, $0.068, is exhausted.
DOGE’s rejection at 40 Relative Strength Index level is another bearish sign.
DOGE must break above $0.085, if it is going to end the current bearish downtrend. If this were to happen, it could lead to a relief rally into the $0.12 region, which could lead to a 60% increase from DOGE’s current price.
CoinMarketCap reports that DOGE’s current value is $0.07625, after an average drop of 3.62% over the past 24 hour. DOGE saw an additional 6.59% drop in price over the past week.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. This article is not intended to be used as advice. CQ recommends that all users do their research on cryptocurrency before making any investment.