Dogecoin Technical Analysis: DOGE/USD succumbs to selling pressure and is down 17% after a massive rally
- DOGE/USD had a giant bull rally after getting promoted over TikTok.
- Binance launched a futures contract for DOGE while Bitfinex simply listed the coin.
Dogecoin was trading around $0.002 at the beginning of the month until a massive promotion over TikTok pumped the coin up to $0.0055 in basically no time. Of course, the massive rally had to stop at some point and DOGE is currently crashing, trading at $0.0035, still up almost 100% since its price before the pump.
DOGE/USD 4-hour chart
The 4-hour chart is currently in a downtrend after bulls lost the 26-EMA at $0.0037. The RSI has cooled off significantly and the MACD crossed bearishly on July 9. There is not a lot of support nearby because the move up happened too quickly, the closest support level can be found at $0.0026, the low of July 7.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
