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Dogecoin Price Nearing Range Low

After being rejected from the range high on April 3, the Dogecoin price is almost at its range low.

Additionally, the price’s breakdown from a short-term pattern accelerated the decline’s rate. What will happen after DOGE reaches its range low, albeit it seems fairly probable that it will?

Dogecoin Price Draws Closer to Range Low

On March 21, the Dogecoin price bucked a long-term resistance trend line. On April 3, it came to the $0.100 resistance level. The 0.382 Fibonacci retracement level and a horizontal resistance area are here. A series of horizontal lines known as the Fibonacci retracement levels denotes areas of support and resistance.

After a sudden change in trend, the price frequently reverses course and returns to one of the lines before picking up where it left off.

The $0.100 region was confirmed as resistance by the DOGE price rejection (red icon). Daily DOGE/USDT Chart. Citation: Trading View

The next resistance, or the 0.618 Fibonacci retracement resistance level, will be at $0.122 if the price of DOGE overcomes this threshold. But if the decline persists, the next support level will be reached at an average price of $0.072.

Do You Think Dogecoin Prices Will Drop If a Breakdown Occurs?

The short-term six-hour technical analysis predicts that the DOGE price will decline to its trading range low of $0.072.

The price action is the primary cause of this. On April 21, the DOGE price dropped off a rising support line. When a line tracks the rising slope of a movement, its disintegration typically signifies the conclusion of the upward movement.

The second one is derived from readings of the Relative Strength Index (RSI). The RSI is used by traders as a momentum indicator to evaluate whether a market is overbought or oversold and whether to buy or sell a particular asset. Bulls still have the upper hand while the RSI reading is over 50 and the trend is up, but the situation is reversed if the reading is below 50. Daily DOGE/USDT Chart. Citation: Trading View

The RSI has deviated from an ascending support line (green line) in the case of DOGE, where it is below 50. As a result, it makes a pessimistic price prediction for Dogecoin. In spite of this pessimistic Dogecoin price prediction, regaining the ascending support line would indicate a bullish short-term trend. In that scenario, a rise to the $0.100 resistance line and perhaps the $0.125 resistance region is anticipated to follow.

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