- Dogecoin price continues downward slide.
- $0.223 is near-term support.
- $0.125 is the near-term bearish target.
Doge price continues to slide lower, following the broader cryptocurrency market. Primary oscillators levels indicate oversold conditions, but bulls are unable or unwilling to support price. Thus, a shift to bear market conditions may be coming sooner rather than later.
Dogecoin price must hold at $0.223 to prevent further downside movement.
Dogecoin price could close around $0.23 and create the lowest close in the past thirty-six days. While a deeper bearish target towards $0.66, bulls will likely find support against the 61.8% Fibonacci Expansion at $0.186. The Relative Strength Index has crossed below the final oversold condition in a bull market (40. Further movement below 40 in the Relative Strenght Index means a likely shift to bear market conditions - the next support level in the Relative Strength Index would be at 30.
The Composite Index has touched historical support zones, but Dogecoin failed to respond with a bullish reaction. As a result, the Optex Bands may have to move to extreme lows and oversold levels before any genuine bullish change occurs.
DOGE/USDT Day Chart
Bears will need to be cautious about any move that puts the Lagging Span above the candlesticks. This would occur at $0.333. However, there remains a significant cluster of resistance before Dogecoin could entertain a truly bullish drive higher. Between $0.256 and $0.285 is the Tenkan-Sen, Kijun-Sen, Senkou Span B and Senkou Span A. In other words, all primary resistance levels on an Ichimoku chart are just above Dogecoin’s current price.
Dogecoin price will be under significant threat in the eventuality of any move below $0.157. There is a massive gap in the volume profile between $0.157 and $0.090 and that gap could trigger a future flash crash.
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