Dogecoin Falls Significantly as It Approaches the $0.070 Level

Key Resistance Levels: $0.10, $0.12, $0.14
Key Support Levels: $0.08, $0.06,$0.04

DOGE/USD Long-term Trend: Bearish
Dogecoin (DOGE) is losing value as it approaches the $0.070 level. Beyond the $0.070 support, the cryptocurrency value is anticipated to continue to drop. Prior to then, DOGE’s price fell to a low of $0.066 on December 30, 2022. The current downward trend has violated the $0.078 support level. Since January 18, the DOGE price has been constrained to a range of $0.078 and $0.090. The cryptocurrency’s price has risen over the previous level today and is heading in the direction of the next support, which is $0.070. The DOGE price will start heading up again if the support level at $0.070 holds. If not, it will return to its previous low of $0.066.

Daily Chart Indicators Reading:
The Relative Strength Index for period 14 shows that DOGE has decreased significantly as it reaches level 35. The market’s oversold region is drawing closer. Because they are below the moving average lines, the price bars are falling. The moving average lines have crossed in a negative direction. In other words, the 21-day SMA crosses below the 50-day SMA.

DOGE/USD Medium-term bias: Bearish
Dogecoin is declining below the moving average lines on the 4-hour chart. The decrease was caused by the cryptocurrency price’s inability to hold above the $0.090 resistance. DOGE/USD has decreased and is getting close to the market’s oversold area.

4-hour Chart Indicators Reading
DOGE has partially reestablished bullish momentum over the daily Stochastic barrier of 25. The bullish impetus has been slowed down by the current support. The southern sloping 50-day SMA and the 21-day SMA both indicate a downturn.


General Outlook for Dogecoin
Dogecoin has dropped considerably as it approaches the $0.070 level. The altcoin underwent an upward correction and was stopped at the $0.0770 high. To the low of $0.070, the selling pressure is probably going to persist.


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