• Dogecoin price kicks off the weekend on the wrong footing.
  • Rejection at higher levels opens up DOGE’s downside potential.
  • RSI stays bearish, $0.25 is the level to beat for DOGE bears.

Dogecoin price is extending the previous bearish momentum, kicking off the weekend on the wrong footing, although remains within Wednesday’s trading range.

Having witnessed good two-way businesses, Dogecoin price settled in the red on Friday, as bears refused to give up control after a temporary reversal seen on Thursday.

DOGE sellers returned after Binance, the world’s largest crypto exchange by trading volume, announced that it has temporarily suspended withdrawals of DOGE following an upgrade.

On the contrary, Binance users said that the crypto exchange is not allowing them to make any withdrawals until they return the DOGE. The conflicting reports weighed negatively on sentiment around the canine-themed coin.

Dogecoin price needs to crack this key level to kickstart a downtrend  

Dogecoin’s daily chart shows that DOGE price is hovering below the upward-sloping 100-DMA at $0.2588, having failed to find acceptance above the immediate upside hurdle, placed at the horizontal 21-DMA, now at $0.2680.

DOGE bears are likely to retain control so long as the price holds below the latter.

Meanwhile, the 14-day Relative Strength Index (RSI) is inching slightly lower while below the 50.00 level, suggesting that bearish bias is likely to remain intact in the near term.

DOGE sellers now target powerful support around $0.25 to unleash the additional downside. That level is the confluence of the rising trendline support and the rising 50-DMA.

A daily closing below that critical support is needed to initiate a fresh downswing towards Wednesday’s low of $0.2337.

Further south, the October 28 low of $0.2272 could come to the rescue of the DOGE buyers, below which the October 27 low of $0.2179 will be the last line of defense for them.

DOGE/USD: Daily chart

On the upside, acceptance above 21-DMA could offer extra legs to the recovery in DOGE price, calling for a test of the critical horizontal 200-DMA at $0.2848.

Note that DOGE price failed to resist above the 200-DMA earlier this week, triggering the renewed downside momentum in the meme coin.

The $0.30 round figure will be back on the DOGE bulls’ radars if the 200-DMA barrier is taken out on a sustained basis.

 


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

XRP struggles to make comeback above $0.50 as Ripple CEO will face trial

XRP struggles to make comeback above $0.50 as Ripple CEO will face trial

XRP remains range-bound under the $0.50 resistance on Friday after news that Ripple CEO Brad Garlinghouse will have to face a trial in California regarding some statements he made in 2017. 

More Ripple News

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation.

More Bitcoin News

1Inch looks poised for downward correction

1Inch looks poised for downward correction

1inch price moves lower by 3% on Friday after being rejected by the 200-day Exponential Moving Average on Thursday. On-chain data shows a decline in Development Activity, signaling negative sentiment among 1INCH investors. 

More Cryptocurrencies News

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero’s ZRO token airdrop went live on Thursday, with a claiming mechanism called Proof of Donation. The team requires 10 cents in USDC, USDT or Ether per ZRO token with the aim to weed out manipulative Sybil entities. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. Technical indicators suggest BTC might experience a 3% correction in the near term before continuing its upward trajectory.

Read full analysis

BTC

ETH

XRP