Dogecoin’s Weak $0.25 Support Threatens Price Plunge

Briefly –

  • Dogecoin price enters the weekend on a somewhat wrong step.
  • Higher-level rejections will translate to DOGE’s downswing possibilities.
  • RSI remains bearish as Dogecoin bears plan a $0.25 attack.

DOGE price appears to extend the previous bearish pressure, starting the weekend with a retracement attitude, though still trades inside Wednesday’s price range. The leading meme crypto moved in red during Friday’s trading sessions. That came as bears seemed to tighten their positions following Thursday’s temporary reversal.

DOGE saw sellers’ returns after the leading crypto exchange Binance declared suspending Dogecoin withdrawals temporarily. Binance customers stated that the cryptocurrency exchange didn’t allow withdrawal completion unless they returned DOGE tokens. The conflicting updates appeared to weigh on Dogecoin sentiment, contributing to plunges.

Dogecoin Price Outlook

Cypher Mind HQ

According to the daily chart, DOGE hovers under the 100-day moving average at $0.2588 after failing to secure acceptance beyond the immediate upward obstacle, located at a horizontal 21-day moving average at $0.2680.

If the meme coin holds under the latter level, Dogecoin bears will dominate. The 14-day RSI inches briefly lower while remaining under the 50-level. That shows that the bearish outlook might stay intact in the short term.

For now, Dogecoin sellers target the crucial support near $0.25 for an additional fall, the climbing 50-d Moving Average, and the surging trend-line support. Meanwhile, a daily close under the critical support level is necessary for another downswing to Wednesday’s low at $0.2337.

Further southward action can have the 28 October low at $0.2272, rescuing Dogecoin buyers. If bears activate their price actions, the meme asset will fall towards its last defense line at 27 October low at $0.2179. For an upward move, Dogecoin will necessitate an acceptance beyond the 21-day moving average for additional steam to enter a recovery phase. With that, the canine-themed coin will test the crucial horizontal 200-day moving average at $0.2848.

Keep in mind that Dogecoin failed to maintain beyond the 200-DMA early on the week and catalyzed a renewed downward momentum. Overcoming this moving average will see bulls eying $0.30.

Stay around for upcoming cryptocurrency news.

Author: Michael Ellis

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