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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06?

Christian Encila
Christian Encila
1 year ago
3 mins read
Dogecoin

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Created by industry experts and meticulously reviewed
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Dogecoin (DOGE) finds itself at a critical juncture. The $0.06 support level, a longstanding stronghold for buyers since early June, now faces increasing selling pressure that could potentially send DOGE sinking below this key level. 

Support and resistance zones, like the $0.06 mark, are pivotal in assessing the direction of price movements in the crypto world, as they often dictate the market sentiment.

In recent months, DOGE has weathered a bearish trend, but this vital support level has managed to hold firm and mitigate the extent of the downtrend. Nevertheless, multiple retests of the support zone have raised concerns about DOGE’s weakening structure, signaling an opportunity for bears to capitalize on the situation.

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Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin?

1 year ago

Dogecoin Price And Technical Indicators

As of the latest data from CoinGecko, DOGE is currently trading at $0.061140, showing a modest 0.4% gain over the last 24 hours but a 1.2% dip over the past seven days. Two technical indicators, the On Balance Volume (OBV) and the Relative Strength Index (RSI), provide further insight into the market’s dynamics.

The OBV, which had been on an uptrend in October, has recently exhibited a drop in trading volume. This decline suggests that selling pressure has intensified in the past few hours, causing concern among investors.

DOGE reached a market cap $8.6 billion today. Chart: TradingView.com

The RSI, another crucial indicator, has dipped below the neutral 50 level, reaffirming the presence of selling pressure. These developments put DOGE at a pivotal crossroads, with both short-term bullish and bearish scenarios in play.

According to a price report, if buyers can successfully defend the $0.06 support level, DOGE could see a short-term target range of $0.064 to $0.067. However, if sellers manage to breach this critical support, their near-term target becomes $0.055, potentially deepening the bearish sentiment.

Market Volatility Vs. Derivatives Trading

In addition to the price fluctuations, the Dogecoin market has been marked by considerable volatility lately. Yet, despite the turbulence, new derivatives traders have remained conspicuously absent. 

Source: Coinalyze

DOGE’s futures Open Interest (OI) has been hovering in the $232 million to $222 million range for the past week. Typically, rising open interest indicates an influx of new capital into the market, which often solidifies prevailing trends. However, the current trend suggests trader indifference, possibly due to the uncertainty surrounding DOGE’s immediate future.

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Assessing Cardano’s Struggles: Will Key Support Levels Halt The Decline Above $0.27?

1 year ago

Traders should closely monitor whether the current key support can withstand the pressure, and the OBV and RSI indicators provide essential insights into the evolving market dynamics. The next few days will be crucial in determining whether DOGE can regain its bullish momentum or succumb to further bearish pressure.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Tuttnauer

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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