As Dogecoin network activity plummets, can the $0.094 support hold?
With a market cap of $14.21 billion, Dogecoin is trading at a crossroads with both demand and supply factors intense. Moreover, wider market uncertainty has also increased the volatility of Dogecoin’s price.
For the past five days, Dogecoin’s price has been consolidating within a bearish engulfing candle range since September 1, with a drop of 6.10%. Despite the increased market volatility, Dogecoin has struggled to form a clear trend.
The price is currently consolidating above the recently established support of $0.094. However, the RSI indicates that the bearish divergence is expanding. Dogecoin is trading at $0.09780, a slight decline of 0.61% from the opening price of $0.09839.
As the correction phase of Dogecoin intensifies, the chances of recovery are decreasing. At its network peak, Dogecoin saw nearly 2 million transactions and its price was $0.1657. However, it is now trading at $0.09758 with a volume of just 66,000.
Therefore, if the broader market fails to rise, Dogecoin could fall below $0.09407. Below this level, support lies at $0.081 and $0.075.
