The cryptocurrency market was again in the red on September 26th after the Chinese central bank banned crypto services and transactions. DOGE crashes with lots of tokens.
After falling as low as $ 0.206 during the ongoing downtrend earlier in the week, the crypto meme was forced to hit a record high of $ 0.229 on September 23.
However, the uptrend proved short-lived as the price returned to the $ 0.207 level. Support is currently at $ 0.192 and $ 0.1750 with further panic selling expected in intraday trading.
A bullish hammer has appeared on the 24-hour chart for Dogecoin price analysis. However, the price has continued to fall as it tests the $ 0.192 support. The trading volume for the token has fallen by more than 45 percent, as evidenced by a low Relative Strength Index (RSI) value of 36. The price has also fallen below the 50 Exponential Moving Average (EMA) 100 and 200 days and needs to hold the 20-day line to stay above the $ 0.192 support. At current price, the resistance is $ 0.244.
The 4 hour chart shows positive gains in the current trading session for the crypto meme. The slight uptrend can cause buyers to push the price to establish the price above the support and consolidate there. The RSI indicates an undervalued condition for DOGE at 42 when the price is between the middle and lower Bollinger Band curves. Moving Average Convergence Divergence (MACD) is also showing a bearish outlook after falling below the neutral zone. Overall, the technical indicators for DOGE look bearish despite the late positive movement and the token is likely to remain at or just above support.
The trading volume also fell significantly within 24 hours, which shows that panic selling is conquering the market.
The price is currently just above the $ 0.192 support with the next support at $ 0.1750. To initiate a change in assets, DOGE must hold and consolidate above the 20-day EMA. According to technical indicators, the token offers traders a precarious buying opportunity.
Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.
The larger crypto market was also hit by the news from China, as Bitcoin fell around 5% to just over $ 42,000. Ethereum fell another 7% in 24 hours and stayed at $ 2,880, while Altcoins also saw significant declines. Solana is down 7%, Polkadot 8% and Ripple 5%. However, Cardano surprisingly rebounded over 5% and stayed above $ 2.30.
Binance Coin $ 357.98, down 4.7% in 24 hours. However, the Binance coin lost 13.19% over the past week, bringing its market value to $ 59.76 billion, Polkadot and Solana both in the red.
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