Dogecoin DOGE/USD is trading lower Monday as the crypto market sees another bearish day. Many popular cryptocurrencies dropped more than 5%, such as Ethereum ETH/USD, Litecoin LTC/USD, and Ethereum Classic ETC/USD.
Dogecoin was down 6.17% at $0.143 at the time of publication.
See Related: Dogecoin Nears A Critical Support Level: Can It Hold?
Dogecoin Daily Chart Analysis
- Dogecoin continues to drop lower and has now fallen below the $0.15 support level in a sideways channel. The continued drop for the Shiba Inu-themed crypto shows a bearish outlook on the chart. If this support level becomes an area of resistance, Doge could see a strong push lower.
- The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates the crypto is trading with bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) has continued to trade lower and sits at 29. This shows that sellers are in control of the crypto as it sits in the oversold region. An RSI that continues to fall show that sellers keep pouring into the crypto and hint it could continue to fall lower.
What’s Next For Dogecoin?
Dogecoin falling below the support level is a bearish sign. For Doge to start to bounce back, the coin will need to recover the support level and be able to hold above the area once again. Bullish traders are looking to see the price climb back above the level and stay above it. Bulls are then looking for the price to start to form higher lows and to cross above the moving averages.
Bears are in complete control of the crypto as it sits now and are looking for it to continue to hold below the $0.15 level and remain below the moving averages.
Photo: Courtesy of Daniel Kwon on Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
