Who let the dog die? DogeCoin price decline infuriates investors
- DogeCoin price fails to find support at $0.08
- The Relative Strength Index has rejected the DOGE price.
- Invalidation of the bearish outlook is a hurdle over $0.085
DogeCoin price continues to wreak havoc as the bulls have lost the support of the $0.08 level.
DogeCoin price could fall further
DogeCoin price is on pace for more decline as the bears have breached a triangular structure that has coiled around the notorious meme coin throughout May. Now that the structure is broken, the bears will likely begin injecting more capital into their short positions to profit from the decline. The bearish engulfing candle that breached the structure is moving in free-fall fashion, which provides further confidence for bearish breakout traders.
DogeCoin price currently trades at $0.075. A brief pause could occur around current levels before reaching the next target at $0.072. Ultimately the bears probably won't release the stronghold around the popular meme token until the liquidity under the May 12th lows at $0.068 is taken out. It is worth noting that the DOGE price was rejected on the Relative Strength Index 40 level, which is another subtle indication of bearish control.
DOGE/USDT 1-Day Chart
Invalidation of the bearish downtrend is a break above $0.085. If the bulls can breach this level, they could induce a relief rally into the $.12 resulting in a 60% increase from the current DogeCoin price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
