Dogecoin price sees gains melting away as turmoil builds

  • Dogecoin price is tying up with slim gains for the week.
  • DOGE is not seeing any real bullish signs as global markets are on edge.
  • Expect to see more downside pressure as this week’s profit could collapse. 

Dogecoin (DOGE) price is for the moment showing some small signs of recovery, while the overall performance is still a big letdown for many investors. DOGE though is in dire need of some fresh inflow and investor funds, while that group will wait to put its money to work until it finally sees some upside potential. As long as the Death Cross is still present, DOGE will remain hanging on the ropes as it is on Thursday.

Dogecoin price still bears a 20% negative risk

Dogecoin price is carrying a slew of bearish elements within its trading setup. Not only is the current price acting below both the 55-day and the 200-day Simple Moving Average (SMA), but it is the 55-day below the 200-day SMA that gives us the Death Cross. All technical elements confirm a more negative outlook as the Relative Strength Index (RSI) still has ample room to head lower. 

DOGE does have a line in the sand at the moment near $0.068. That level falls in line with the low of last week and is just inches away from the monthly S1 support level. Once that breaks, it will be a clear path downwards to $0.057, which is both a pivotal floor level and the monthly S2 for May, carrying a 20% devaluation with it.

DOGE/USD  weekly chart    

The one element that could attract more investors and make DOGE a more attractive place for putting away some money would be if DOGE can break the high of last week. A break above $0.077 would be seen as a bullish breakout that would certainly attract more traders. A reentry above the 55-day and the 200-day SMA would be next with ultimately a return to $0.100.

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