TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Dogecoin Price Prediction: DOGE eyes $0.1950 if key 100-DMA support caves in

  • Dogecoin price eyes a break below this key support on the daily chart.
  • The May 19 flash crash lows remain on the sellers’ radars.
  • 21-DMA remains a tough nut to crack for the DOGE bulls.
Dogecoin Price Prediction: DOGE eyes $0.1950 if key 100-DMA support caves in
Dhwani MehtaDhwani MehtaFXStreet

Dogecoin (DOGE/USD) sellers refuse to give up, as the bearish momentum extends into the fifth consecutive day on Saturday.

DOGE price is looking to break its 11-day range play to the downside, as the investor interest in the canine-inspired coin keeps diminishing.

The sluggish price action could likely be associated with an absence of tweets from Elon Musk, Tesla Inc’s founder and an endorser of Dogecoin.  

In other news, Dogecoin, the meme-based coin, was chosen as the unit of account between SpaceX and GEC, giving Doge a claim on the first unit of space commerce, although, it is not the only space currency.

DOGE/USD: Testing key support as technical setup favors the bears

Dogecoin’s daily-hour chart shows that the price remains confined within a narrow range, with the horizontal 21-Daily Moving Average (DMA) at $0.3380 limiting the bulls.

Meanwhile, the upward-sloping 100-DMA at $0.2687 guards the downside.

However, with the Relative Strength Index (RSI) pointing south below the central line, currently at 40.07, the abovementioned key support appears at risk.

A daily closing below that cap could fuel a sharp drop towards the May 19 flash crash low of $0.1950.

Should the selling pressure intensify the ascending 200-DMA line of defense at $0.1475 could come to the rescue of the DOGE optimists.

DOGE/USD: Daily chart

On the flip side, acceptance above 21-DMA will open the gates towards the horizontal 50-DMA at $0.4020.

The next bullish target is envisioned around $0.4600, June highs.  

To conclude, the downside appears more compelling for DOGE price amid bearish RSI and lower highs formed so far this Saturday.

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

More from Dhwani Mehta
Share:

Editor's Picks

Uniswap Price Forecast: UNI tests 200-day EMA supply amid renewed retail demand

Uniswap Price Forecast: UNI tests 200-day EMA supply amid renewed retail demand

Uniswap (UNI) edges higher near an immediate resistance at $3.88 on Tuesday. The native decentralized exchange (DEX) token is defying a broader correction in the cryptocurrency market, even as Bitcoin (BTC) falls toward $63,000 from its July highs around $67,000.
XRP slides amid risk-averse pressure and ahead of Fed rate decision

XRP slides amid risk-averse pressure and ahead of Fed rate decision

Ripple (XRP) continues to trade under increasing pressure on Tuesday. This marks the second consecutive day of declines, reflecting broader risk-off sentiment as investors appear to shift gears in anticipation of the Federal Reserve (Fed) interest rate decision. On Wednesday, the Federal Open Market Committee (FOMC) is widely expected to leave interest rates unchanged in the 3.50%-3.75% range.
Crypto Today: Bitcoin, Ethereum, XRP remain under pressure as risk-off sentiment persists

Crypto Today: Bitcoin, Ethereum, XRP remain under pressure as risk-off sentiment persists

Bitcoin (BTC) is falling toward the immediate $63,000 support at the time of writing on Tuesday, weighed down by continued risk-off sentiment. Altcoins, including Ethereum (ETH) and Ripple (XRP), remain under pressure, trading below $1,900 and $1.10, respectively. Crypto market sentiment remains largely unresponsive and in the Fear territory, as reflected in the Fear & Greed Index.
Bitcoin price prediction: Is $60K back in focus as headwinds mount?

Bitcoin price prediction: Is $60K back in focus as headwinds mount?

Bitcoin is falling towards 63k, at a 10-day low, as a sell-off in AI-linked stocks has hit risk sentiment, spilling over into cryptocurrencies and as investors look cautiously ahead to tomorrow's FOMC rate decision. Bitcoin is down 2.7% over the past 24 hours and more than 4% over the past seven days as it extends its pullback from 67k the July high reached last week.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.