It is not a good time for cryptocurrencies. Dogecoin’s price is down more than 13% since the beginning of March 2022.
March’s highest Dogecoin price was $0.139. However, it is 44% down from the 2022 high of $0.215.
Sellers slowly bleed Shiba Inu lower and lower. Nevertheless, its falling structure remains intact, a change of direction could be imminent.
Shiba Inu spent more than 300 days falling. After completing a time and price equilibrium since March, Dogecoin continues in a lower price travesty.
It is until March 21 that traders could see if there’s a reversal for DOGE.
“The recent bearish pressure has pushed Dogecoin’s price below the critical $0.12 level, the final high volume node, until the Volume Profile is at its thinnest. The next high-volume node doesn’t appear until the $0.08 – $0.09 value area,” said cryptocurrency trader and analys Jonathan Morgan.
“The expected behavior that price exhibits when it moves into an empty Volume Profile is fast. Price action gets sucked in, like a vacuum, from one high-volume node to the next. This means a flash-crash anywhere from $0.12, and lower could trigger until the price hits the $0.09 level.“
Nevertheless, DOGE points to a higher mean reversion. Its price has considerable gaps between the weekly candlestick bodies and the Tenkan-Sen.
It has moved away from the Kijun-Sen, the measurement level that establishes the greatest disequilibrium.
“In a bullish reversal, the projected resistance zone is the weekly Kijun-Sen at $0.22,” said Jonathan Morgan.