Dogecoin price has been affected by the recent cryptocurrency sell-off, dropping to as low as $0.067 on July 18th, and decreasing by more than 20% from its highest level in July and 58% from its highest level in 2022. Other coins such as Bitcoin, Litecoin, and Hedera Hashgraph also experienced dips.
Looking at the daily chart, the DOGE price has been in a bearish trend since it peaked at $0.1587 in October last year. This is partly due to the emergence of other meme coins such as Bone Shibaswap, Pepe, and Bad Idea. It has been trading below the descending trendline, 25-day and 50-day exponential moving averages (EMA).
Currently, the price of Dogecoin is hovering slightly above the important support level at $0.065, which was the lowest point in March and December last year. The Relative Strength Index (RSI) has dropped below the neutral point at 50 while the Stochastic Oscillator has dropped below the oversold level. Therefore, a bearish breakout is likely in the coming days, with the next level to watch at $0.055, the lowest level on June 10th 2023 and September last year, and a stop-loss of $0.080, the descending trendline.
Turning to the four-hour chart, the DOGE price has been in a downtrend in the past few weeks. It has broken and retested the ascending channel, and is now trading below the 25-period and 50-period moving averages. The Relative Strength Index has also moved below the oversold level. This indicates that the outlook of the token is bearish, with the next level to watch at $0.063.
