Here’s How Dogecoin Price May Navigate Losing 50% Retracement Level.
Amid the current correction trendline, the Dogecoin price breaks below the key support of 50% Fibonacci retracement; Keeping Holding or Sell?
Dogecoin Price: The cryptocurrency market continued its recent correction on March 19th, with Bitcoin falling below the $65K level, highlighting a broader downturn.
Specifically, the Dogecoin price faced a 10.55% intraday loss, teasing a breakdown below the 50% Fibonacci retracement level to prolong the correction trend.
Will the DOGE Price Hit $0.12 Support?
Dogecoin (DOGE), the largest memecoin by market cap, entered a new correction trend in February’s third week as the price reverted from $0.193. The overhead supply at $0.2 coupled with the broader market correction tumbled, this memecoin 31% within a week to currently trade at $0.132.
Amid this downfall, the DOGE price breached the 50% Fibonacci retracement level at $0.14, positioning the asset for further downfall. Losing this support is a sign of weakening bearish conviction and increasing dominance of sellers.
The post-breakdown fall may bolster bears to chase potential support levels at $0.123, followed by $0.106.
Will the Dogecoin Price Rebound?
If the coin price managed to rebound from the aforementioned support, the buyers would get an opportunity to counter-attack and reclaim the lost ground. However, the potential reversal must breach a downsloping resistance trendline(marked in black) to gain a better confirmation of recovery.
The post-breakout rally may bolster buyers to rechallenge the last high of $0.206.
Technical Indicator
Exponential Moving Average: The 50-day EMA slope enhances the support strength of the $0.123 demand zone.
DMI: The DI+(blue) and DI-(orange) lines nearing a bearish crossover could intensify the bearish momentum in the market. Moreover, the falling ADX slope reflects the last recovery rally that pushed the DOGE price to the overbought region.
Wait for updates, my friends 💫
