Short DOGE looks ideal right now as prices are likely to fall in the next few weeks
Dogecoin has been battered, traumatized and overshadowed by smaller clones for a month and a half. Since mid-August, the top coin meme has lost nearly 45% in value after falling below key levels. Additionally, a collapse of the descending triangle and a return to the lower trendline increases the likelihood that DOGE will continue to decline in the days ahead.
If sellers can push the cryptocurrency below the $ 0.155-0.175 demand zone, the market will bleed seriously.
1D DOGE / USDT chart. Source: TradingView
Although Dogecoin shed a glimmer of hope in August, the price was immediately rejected above the 23.6% Fib level. The result was a descending triangle collapse that triggered another decline after the bulls failed to hold above $ 0.232.
With the bearish signal in effect at press time, the market appears very vulnerable to a slide towards $ 0.155 to $ 0.175. Ideally, this demand zone would provide buyers with an entry point to step in and withstand the pressure to sell. However, given the current lack of retail interest, it is uncertain whether the demand zone can provide support.
If DOGE closes below this range, the price could drop to $ 0.087 or even $ 0.065 before a bullish reaction occurs.
Unsurprisingly, DOGE’s technical indicators are also very weak. The candles are trading below the EMA band and this gives more sell signals to the market. The bands have also had some overlap in the past few days, signaling the start of a strong downtrend.
In addition, the RSI and the Awesome Oscillator have moved into bearish zone. Selling pressures will likely overwhelm any chances of a bullish rally.
Based on the above factors, Dogecoin is expected to trend lower in the coming weeks. The coin meme is likely to slide towards the $ 0.087 and $ 0.065 levels if the $ 0.155 to $ 0.175 zone does not hold.
The ideal opportunity for the bulls to buy DOGE would be in the aforementioned demand zone. However, long DOGE is very risky at all costs. A short run would be ideal at this point.
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Annie
According to Ambcrypto
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Short DOGE looks ideal right now as prices are likely to fall in the next few weeks
Dogecoin has been battered, traumatized and overshadowed by smaller clones for a month and a half. Since mid-August, the top coin meme has lost nearly 45% in value after falling below key levels. Additionally, a collapse of the descending triangle and a return to the lower trendline increases the likelihood that DOGE will continue to decline in the days ahead.
If sellers can push the cryptocurrency below the $ 0.155-0.175 demand zone, the market will bleed seriously.
1D DOGE / USDT chart. Source: TradingView
Although Dogecoin shed a glimmer of hope in August, the price was immediately rejected above the 23.6% Fib level. The result was a descending triangle collapse that triggered another decline after the bulls failed to hold above $ 0.232.
With the bearish signal in effect at press time, the market appears very vulnerable to a slide towards $ 0.155 to $ 0.175. Ideally, this demand zone would provide buyers with an entry point to step in and withstand the pressure to sell. However, given the current lack of retail interest, it is uncertain whether the demand zone can provide support.
If DOGE closes below this range, the price could drop to $ 0.087 or even $ 0.065 before a bullish reaction occurs.
Unsurprisingly, DOGE’s technical indicators are also very weak. The candles are trading below the EMA band and this gives more sell signals to the market. The bands have also had some overlap in the past few days, signaling the start of a strong downtrend.
In addition, the RSI and the Awesome Oscillator have moved into bearish zone. Selling pressures will likely overwhelm any chances of a bullish rally.
Based on the above factors, Dogecoin is expected to trend lower in the coming weeks. The coin meme is likely to slide towards the $ 0.087 and $ 0.065 levels if the $ 0.155 to $ 0.175 zone does not hold.
The ideal opportunity for the bulls to buy DOGE would be in the aforementioned demand zone. However, long DOGE is very risky at all costs. A short run would be ideal at this point.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Annie
According to Ambcrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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