Dogecoin sellers refuse to give up, as the bearish momentum extends into the fifth consecutive day on Saturday.
Dogecoin price is looking to break out its 11-day range play to the downside, as the investor interest in the canine-inspired coin keeps diminishing.
The sluggish price action could likely be associated with an absence of tweets from Elon, Tesla Inc’s founder and an endorser of Dogecoin.
In other news, Dogecoin, the meme-based coin, was chosen as the unit of account between SpaceX and GEC, giving Dogecoin a claim on the first unit of space commerce, although, it is not the only space currency.
DOGE/USDT daily-hour chart shows that the price remains confined within a narrow range, with the horizontal 21-Daily Moving Average at $0.3380 limiting the bulls.
Meanwhile, the upward-sloping 100-DMA at a price of $0.2687 guards the downside.
However, with the Relative Strength Index pointing south below the central line, currently at a price of 40.07, the abovementioned key support appears at risk.
A daily closing below that cap could fuel a sharp drop towards the May 19 flash crash low price of $0.1950.
Should the selling pressure intensify the ascending 200-DMA line of defense at a price of $0.1475 could come to the rescue of the DOGE optimists.
On the other side, acceptance above 21-DMA will open the gates towards the horizontal 50-DMA at $0.4020.
The next bullish target is envisioned around a price of $0.4600, June highs.
To conclude, the downside appears more compelling for Dogecoin's price amid bearish RSI and lower highs formed so far this Saturday.
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