Bearish Forces Eye Dogecoin Drop $0.0914 Target
Bears have reclaimed control of Dogecoin (DOGE), halting its recent rise. The popular meme currency is under fresh selling pressure after a short gain and is expected to fall near $0.1.
Dogecoin may maintain this important level or fall lower as negative momentum grows.
This article examines Dogecoin's latest price move as negative momentum returns. We will examine the abrupt reversal, major technical indications, and if the $0.1 support level will resist the strain or whether Dogecoin will fall further.
Dogecoin is down 3.42% to $0.1059 as of writing. Market capitalization exceeds $15 billion, and trading volume exceeds $535 million. Market capitalization has dropped 3.57% and trading volume 0.83% in the previous 24 hours for DOGE.
Market Outlook: Bears Hold Dogecoin
Dogecoin has shown significant downtrend momentum on the 4-hour chart after failing to break above the negative trendline. The price is trying to go below the 100-day SMA.
If DOGE breaks this critical level, it might start a bigger downturn and drop to $0.0914, the next significant support.
Relative Strength Index (RSI) has dropped below 50% on the 4-hour chart, sitting at 41%. This fall signals negative momentum and increased selling pressure.
Dogecoin prints two bearish momentum candlesticks below the 100-day SMA on the daily chart. DOGE is likely to hit $0.0914 shortly due to heavy selling pressure and bad market sentiment.
Finally, DOGE's 1-day RSI indicates dismal pressure again. The signal line's upward attempt ended at 56% before slipping below 50%, presently at 47%, increasing selling pressure and pessimism for the digital asset.
