DOGE Price Analysis: Why is Dogecoin Crashing?
Release: 2024/06/18 13:39 Reading: 413
Dogecoin Price Analysis: Whales Face Decision for Future Direction
Price Decline and Support Levels
Dogecoin's price experienced an 11% drop, reaching as low as $0.113 on Tuesday. Despite the market downturn, Dogecoin's current support around $0.1218 proved robust.
Technical Indicators
Dogecoin previously trended within a descending triangle, providing strong support. However, bearish market conditions may compromise this support. The asset price remains below the 50-day and 200-day SMAs, signaling a bearish trend.
Potential Breakout or Further Decline
A bounce from current price levels could lead to a breakout from the descending triangle and potential rally towards $0.237. Potential resistance levels include $0.182 and $0.206. Conversely, a downward scenario may encounter support at $0.096 and $0.072.
Oversold RSI and Accumulation Potential
The Relative Strength Index (RSI) has dipped to 29, indicating oversold conditions. This suggests that non-bullish price action volatility may occur. However, an RSI of 29 indicates potential bottoming and accumulation opportunities.
Market Downturn Impact
Dogecoin's price decline was part of a wider market crash initiated by Bitcoin falling below a crucial support level. The total market cap of the crypto industry has decreased by 3% in the past 24 hours, according to CoinGecko.
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