Dogecoin Faces Continued Price Decline
Release: 2024/08/03 02:44 Reading: 657
Dogecoin Experiences Continued Price Decline
Dogecoin (DOGE) has dipped below $0.12, extending a seven-day downturn that has raised concerns among investors. The cryptocurrency holds the top position among meme coins by market value. Selling pressure at the current price level has further exacerbated the situation.
Resistance and Support Levels for Dogecoin:
DOGE has lost 13.67% in the past week, fueling ongoing investor anxiety. Data from IntoTheBlock suggests a similar trend.
Their In/Out of the Money Around Price (IOMAP) model indicates potential selling pressure at $0.11.
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Larger concentrations of addresses within a price range signify stronger support or resistance. On the left side of DOGE's price range (based on the graph), 1.49 billion coins were acquired by 17,960 addresses, potentially limiting further price drops. Conversely, on the right side, 2.74 billion coins worth $300 million are held by 40,200 addresses.
This zone is considered a significant resistance obstacle, hindering a price rebound at the support level. If it remains breached, DOGE may fall to support levels between $0.10 and $0.09.
Will DOGE Recover?
The daily chart shows that DOGE's decline started on July 27, when it briefly exceeded $0.13. The subsequent drop represents a 17.55% decline.
Exponential Moving Average (EMA) is used to assess price potential. EMA is a leading indicator that measures trend direction over a specific period.
At the time of writing, the 50 EMA (yellow) is above the 20 EMA (blue), indicating a downward trend.
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Continued selling pressure could lead to DOGE finding support at $0.11. However, if selling intensifies, the price could dip to $0.09.
A "golden cross" formation, where the 50 EMA crosses above the 20 EMA, could invalidate the bearish outlook and push DOGE's trend upward. In this scenario, DOGE's price could potentially rise to $0.12 or $0.13.
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