• Dogecoin is stuck today between two technical levels.
  • Price action was in favor of sellers during the past few days.
  • With no strong recovery in cryptocurrencies, more pain seems the likely outcome for DOGE.

Dogecoin is in its fifth straight day of losses, which would make it the first whole week of red numbers for DOGE since June 14. Sentiment soured even further after Jackson Palmer yesterday came out on Twitter with some negative comments on the cryptocurrency industry. Palmer co-founded Dogecoin in 2015.

DOGE is getting squeezed from both sides 

DOGE is not in any sweet spot at the moment. The currency had some tailwinds from Elon Musk, but that is old news already. It does not look like there will be any favorable tailwinds for Dogecoin anytime soon. Cryptocurrencies are under pressure, and DOGE seems to be linked with the coins that are getting hit the hardest.

Today Dogecoin sees a squeeze on the upward trajectory against the weekly S1 support pivot at $0.190. DOGE already got rejected there. Upside looks limited unless a positive catalyst comes in and can attract buyers back.

On the downside, the 200-day Simple Moving Average (SMA) supports price action, which is holding for now. More worrying is that today’s candle is forming a double bottom at $0.180 with the candle from yesterday. This is a clear sign that buyers are interested in $0.180 as an entry, but they are met with more selling than buying. It is just a matter of hours or days before this bottom breaks. Stops will be put just below the $0.180 marker, ready to get run by more selling orders. Expect in the outbreak to the downside quite a rapid move.

DOGE/USD daily chart
DOGE/USD daily chart

The mayhem will come to a halt around $0.153, which was the low of June 21. That would be a level a lot of buyers will have marked up. Once below the 200-day SMA, sellers will start taking profit as that level will act as their price target.

Buyers must be patient and look for the area below the 200-day SMA and $0.153 for any entries.

 


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP