Dogecoin conditions worsen, struggling below $0.1
In stark contrast to Bitcoin, the situation with Dogecoin is even more dire. It has traded significantly below the key long-term support level of $0.1, and the recent price action has even seen additional declines, further denting investor confidence.
Dogecoin’s price action shows an ongoing downward trend and is struggling to break above the key resistance level set by its moving averages. The 200-day moving average is well above where it is currently trading, indicating that the market is facing significant selling pressure and traders' buying interest has waned significantly.
Judging by the ongoing downward trend on the 50-day and 100-day exponential moving averages (EMA), the long-term outlook for Dogecoin does not appear to be positive. This is exacerbated by a lack of trading volume, indicating weakening buying appetite, adding to the bearish sentiment in the market. Analysts predict that Dogecoin may fall further, and without buyer support, initial support may come under pressure around $0.08.
Meanwhile, Dogecoin’s Relative Strength Index (RSI) shows that its momentum is fading near the lows, but has not yet reached oversold territory, suggesting that the price may have further to fall before any signs of recovery emerge.
