Saturday, February 4, 2023
BitWolf
  • Home
  • Cryptocurrency
  • Blockchain
  • Nft & Metaverse
  • Market
  • Bitcoin
  • Ethereum
  • More
    • Solana
    • Litecoin
    • Dogecoin
  • Live Prices
No Result
View All Result
No Result
View All Result
BitWolf

Losing this level could see Dogecoin drop swiftly to $0.048

bitwolf by bitwolf
September 3, 2022
in Dogecoin
0 0
0
Home Dogecoin


Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation.

Dogecoin [DOGE] has been in a downtrend since November 2021. The downtrend has been interspersed with swift rallies of double-digit share features. One such rally for DOGE up to now month, when DOGE climbed practically 50% from the $0.059 low to succeed in the $0.087 excessive in August.

At press time, Dogecoin sat precariously in a requirement zone. The longer timeframe market construction was bearish for Dogecoin, and Bitcoin confirmed weak spot on the charts as effectively.

DOGE- 1-Day Chart

Dogecoin finds some footing in a support zone, but momentum favored the bearsDogecoin finds some footing in a support zone, but momentum favored the bears

Supply: DOGE/USDT on TradingView

The motion of Bitcoin at all times has a robust influence on the efficiency of altcoins. Dogecoin and related meme cash generally tend of popping off close to the tip of a Bitcoin rally and crash more durable than Bitcoin.

This appeared to have occurred in mid-August when BTC’s transfer to $24k topped out however DOGE nonetheless had the stead to push from $0.07 to $0.085.

At press time, DOGE traded at $0.062 and was inside a zone of demand from July. Based mostly on worth motion, a transfer to $0.07 appeared believable.

The liquidity within the $0.06 pocket could be examined by one other wick downward, however as long as the value doesn’t shut a each day session beneath $0.057, there was an opportunity of a transfer upward.

This concept features some credibility once we take into account the truth that July and a superb a part of August noticed DOGE vary between $0.063 and $0.07.

But, Bitcoin faces stiff resistance at $20.4k and $20.8k. If BTC can climb previous these ranges, Dogecoin would possibly be capable to collect the impetus for a transfer upward.

Rationale

Dogecoin finds some footing in a support zone, but momentum favored the bearsDogecoin finds some footing in a support zone, but momentum favored the bears

Supply: DOGE/USDT on TradingView

The indications confirmed some bearish bias for DOGE. The Relative Energy Index (RSI) slipped beneath impartial 50 up to now two weeks, to focus on bearish momentum on the each day timeframe.

The On-Stability Quantity (OBV) didn’t see a pointy drop. In truth, the OBV additionally stood at a degree of assist that has been revered up to now few months. The Chaikin Cash Circulation (CMF) has proven intense promoting stress all through August.

The Bollinger Band (BB) Width indicator was additionally on the rise. The indicator displays the latest surge in volatility following DOGE’s drop from $0.085.

Conclusion

If the OBV is unable to carry on to the assist degree within the subsequent week or two, DOGE is perhaps set to witness a pointy drop beneath $0.057. The $0.062 degree has been necessary in February and March of 2021. Shedding this degree may see DOGE drop swiftly to the $0.048-$0.05 zone.

This downward transfer hinges on Bitcoin falling on the value charts. The $19.2k-$19.6k is a area BTC bulls would wish to see defended.



Source link

Related

Tags: Dogecoindroplevellosingswiftly
ShareTweetShare
bitwolf

bitwolf

Next Post
3 No-Brainer Reasons to Buy More Cryptocurrency Now

3 No-Brainer Reasons to Buy More Cryptocurrency Now

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Bitcoin Holds Above $17K Despite DCG Uncertainty – CoinDesk

Bitcoin Holds Above $17K Despite DCG Uncertainty – CoinDesk

January 10, 2023
Bitcoin community not happy with Peter Zeihan’s criticisms on Joe Rogan podcast

Bitcoin community not happy with Peter Zeihan’s criticisms on Joe Rogan podcast

January 10, 2023
MULN Stock: Mullen Is the New Dogecoin… Without Any of the Fun

MULN Stock: Mullen Is the New Dogecoin… Without Any of the Fun

January 22, 2023
Why Polygon could play a key role in mass blockchain adoption despite MATIC’s…

Why Polygon could play a key role in mass blockchain adoption despite MATIC’s…

January 10, 2023
Trezor and Wasabi Join Forces To Make Bitcoin More Private

Trezor and Wasabi Join Forces To Make Bitcoin More Private

5
Bitcoin could become the foundation of DeFi with more single-sided liquidity pools

Bitcoin could become the foundation of DeFi with more single-sided liquidity pools

1
DOGE Proponents Express Hope And Concerns Related To Dogecoin-Ethereum Bridges

DOGE Proponents Express Hope And Concerns Related To Dogecoin-Ethereum Bridges

0
Petrousus Token Set to Top the Cryptocurrency Market Like Uniswap and Solana

Petrousus Token Set to Top the Cryptocurrency Market Like Uniswap and Solana

0
Did US institutions prevail over Asian retail traders?

Did US institutions prevail over Asian retail traders?

February 4, 2023
The IBM–Maersk blockchain effort was doomed to fail from the start

The IBM–Maersk blockchain effort was doomed to fail from the start

February 4, 2023
‘Crypto summer’ likely to start in Q2 2023, Morgan Creek Capital CEO says

‘Crypto summer’ likely to start in Q2 2023, Morgan Creek Capital CEO says

February 4, 2023
Why did Bitcoin price go down today? BTC traders brace for $23K retest

Why did Bitcoin price go down today? BTC traders brace for $23K retest

February 4, 2023

Recent News

Did US institutions prevail over Asian retail traders?

Did US institutions prevail over Asian retail traders?

February 4, 2023
The IBM–Maersk blockchain effort was doomed to fail from the start

The IBM–Maersk blockchain effort was doomed to fail from the start

February 4, 2023
‘Crypto summer’ likely to start in Q2 2023, Morgan Creek Capital CEO says

‘Crypto summer’ likely to start in Q2 2023, Morgan Creek Capital CEO says

February 4, 2023

Categories

  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Dogecoin
  • Ethereum
  • Litecoin
  • Market & Analysis
  • Nft & Metaverse
  • Solana
  • Uncategorized

Tags

Big Binance Bitcoin Blockchain BNB BTC Cardano Coin Cointelegraph crypto Cryptocurrency Data DOGE Dogecoin ETH Ethereum Exchange eyes FTX Heres Inu Investors Latest Litecoin LTC Magazine market merge News NFT NFTs Polygon price rally Shiba SOL Solana Today token Top Trading Tweet Web3 Week XRP

© 2022 BitWolf All Rights Reserved

No Result
View All Result
  • Home
  • Cryptocurrency
  • Blockchain
  • Nft & Metaverse
  • Market
  • Bitcoin
  • Ethereum
  • More
    • Solana
    • Litecoin
    • Dogecoin
  • Live Prices

© 2022 BitWolf All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In