- 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 (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.
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.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: Fed-led rally could have legs towards $65,000
Bitcoin has risen 7% so far this week, supported by the US Fed interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.
Ethereum, BNB and POL holders on the watch as BingX faces loss of $26 million in hack
Crypto exchange BingX said on Friday that it suffered a hack, an attack that led to “minimal” losses that researchers at PeckShield estimate at $26.68 million. The attacker swapped the stolen altcoins for Ethereum, Binance Coin and Polygon tokens, according to on-chain data.
Pepe price forecast: Eyes for 30% rally
Pepe extends the upward movement on Friday after breaking above the descending trendline and resistance barrier on Thursday. PEPE’s dormant wallets are in motion, and the long-to-short ratio is above one, further supporting this bullish move and hinting at a rally on the horizon.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin (BTC) has risen 7% so far this week, supported by the US Federal Reserve (Fed) interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.