- Dogecoin price had another significant surge in the past 24 hours towards $0.08.
- The digital asset faces a strong selling pressure in the short-term.
- A crucial indicator has just presented two significant sell signals for DOGE.
The best performing ‘meme’ cryptocurrency, Dogecoin, has surged again in the past 24 hours touching $0.084 and potentially forming a double top in the short-term. It seems that the digital asset is poised for a short-term correction before another potential leg up.
Dogecoin price could fall to $0.06 as indicator presents sell signals
On the 1-hour and 4-hour charts, the TD Sequential indicator has just presented two sell signals which add a lot of credence to the bears. Additionally, Dogecoin price has topped out at around $0.084 again which is a critical resistance barrier.
DOGE Sell Signals
On the 4-hour chart, DOGE got rejected several times in the past 24 hours from the resistance level at $0.084 and can easily dive towards $0.06 which is the 26-EMA support level.
DOGE/USD 4-hour chart
The social volume of Dogecoin is spiking again which is usually a good indicator of upcoming corrections. This adds even more credence to the bearish outlook.
DOGE Social Volume
However, since Tesla announced the purchase of $1.5 billion worth of Bitcoin and potentially other digital assets in the future, DOGE bulls have a lot of momentum.
DOGE/USD 4-hour chart
Climbing above the resistance level at $0.084 would be a massive breakout from an ascending triangle on the 4-hour chart with a price target of $0.147.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.