This Dip in Dogecoin Token Use For Buying Opportunity?

  • Dogecoin token is also facing a strong selloff over the monthly chart due to weak global crypto market sentiment.
  • The crypto asset has dropped below all vital moving averages of 20, 50, and 100-DMA lines while currently placed above the 200-DMA line. 
  • The pair of DOGE/BTC is trading on a negative note at 0.000005392 BTC with an intraday dip of -3.00%, and the ratio of DOGE/ETH is CMP at 0.00007289 ETH with an intraday loss of -3.87%. 

Dogecoin Token over the monthly chart is trading near the primary support zone of 100 and 200-day lines. At the same time, the coin witnesses a strong selloff from the higher levels, with slightly higher selling volume. As DOGE volume at the monthly time frame continuously decreases with rising price action and creating divergence with bulls rally.

Currently, the token is trying to hold its vital DMA line of 200-day; it manages to grab it, we can see good recovery in upcoming sessions. Still, the volume over the monthly chart needs to grow strongly for a strong reversal of bearish momentum. Support on the lower side is $0.1930 and $0.1720, whereas resistance on the higher side is $0.2890 and $0.3210.

Dogecoin token is trying to recover after a significant dip


Dogecoin token at the weekly time frame is trying to recover after a significant dip. Meanwhile, the coin is currently trading sideways over a 4-hour time frame, with oversold technical parameters. The coin can rebound from lower levels if it holds its recent lows of $0.2150, with positive volume activity. Presently, the Dogecoin is trading at $0.2500 with an intraday action of -11.80%, and the volume to market cap ratio is at 0.1773. 

Relative Strength Index (OVERSOLD): Dogecoin token RSI presently reaches near the oversold zone after a sharp correction from the overbought zone. In contrast, the RSI trades at the oversold zone while a short-term bounceback or recovery is expected, and now CMP is at 31.    

Moving Average Convergence Divergence (BEARISH): The daily chart indicates a Bearish trend at the 4-hour time frame. At the same time, the seller’s line (orange) overpowers the buyer’s signal line (blue), with a negative crossover.   

Support levels: $0.1930 and $0.1720 

Resistance levels: $0.2890 and $0.3210

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