Why Dogecoin Extending Losses Again Today?

Dogecoin DOGE/USD traded 3.62% lower at $0.27 in the early hours of Tuesday.

What’s Moving? The Shiba Inu-themed coin is down 14.53% over a period spanning seven days.

DOGE moved 0.8% and 4.45% lower against Bitcoin BTC/USD and Ethereum ETH/USD respectively.

Since the year began, DOGE has soared 4,709.35%.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? With the exception of ETH, most major cryptocurrencies, including DOGE, lost ground on Tuesday morning as the global cryptocurrency market cap rose marginally by 0.15% to $2.06 trillion.

See Also: Is Now The Time To Buy Into Cardano (ADA)?

DOGE was among the most mentioned coins on Twitter at press time, as per data from Cointrendz.

Even though DOGE has been in the red recently, charts raise hopes for a revival in the meme cryptocurrency.

Analysis by CoinGape indicates that DOGE’s price fell by nearly 20% since it hit a monthly high of 35 cents, but price action over the last two weeks has drawn a bullish falling wedge on the daily candle chart.

CoinGape said in a report that "falling wedges are usually 80% of the time bullish as a breakout to the upside is needed to activate the pattern."

Should DOGE move past the resistance level of $0.306, it could purportedly touch mid $0.30s.

Popular pseudonymous technical analyst Kaleo said he has purchased more DOGE as it hit a critical level of 0.00000602 against BTC. 

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