Will Dogecoin Rebound from $0.06?

Will Dogecoin Rebound from $0.06?

A breakdown below the crucial support trendline offers traders an opportunity to sell, targeting the $0.056 mark.

Published 12 seconds ago

In recent days, the broader altcoin market has experienced noticeable sell-offs, and Dogecoin has been no exception. On September 10th, Dogecoin price dipped, breaking away from a dynamic support trend that had previously held firm for almost three weeks. This trend had been acting as a gentle cushion for DOGE, but its breach signaled a potential continuation of the bearish momentum threatening the memecoin of losing the $0.06 mark.

Also Read: DOGE Price Prediction: Where Is Dogecoin Heading After Today’s 6% Drop?

Post-Breakdown Fall May Push DOGE Price to $0.056

  • Support trendline breakdown sets DOGE price fall by 8.5%
  • The crypto holders are witnessing high demand pressure near $0.06
  • The 24-hour trading volume in the Dogecoin coin is $266.5 Million, indicating a 12% gain

DOGE Price PredictionSource-Tradingview 

The ongoing correction in Dogecoin price has witnessed an increased demand pressure near the $0.06 mark. This demand was evident as prices saw minor rejections on the downside in the subsequent days, paving the way for a retest. 

With an intraday hike of 2.3%, DOGE price value edged up to a trading price of $0.061. This move is crucial as it will determine whether the earlier support, now potentially turned resistance, is strong enough to bolster further declines. 

If sellers maintain their grip, we might see Dog-themed memecoin dropping by another 8%, taking aim at the $0.056 mark.

Can Dogecoin Reclaim $0.06 Mark?

While current signals lean towards a bearish trajectory for Dogecoin, the prevailing uncertainty and FUD in the crypto space hint at a potential counter-trend move. Should buyers successfully challenge and surpass the previously indicated trendline, especially the $0.064 resistance level, it would counteract the bearish narrative. This could serve as a catalyst, paving the way for the coin to solidify its position back in the $0.06 range.

  • Relative Strength Indicator: The daily RSI slope below 40% ensures the sellers’ strength for a further downfall
  • Bollinger Band: The lower band of the Bollinger Band indicator challenged on the downside indicates the overall selling momentum persists.

Share this article on:

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Share

Leave a Reply

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

error: Content is protected !!