DOGE/USD Faces Downside; Price May Hit $0.100 Low – Cryptovibes.com – Daily Cryptocurrency and FX News
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Dogecoin Price Analysis – February 24
For Dogecoin’s downward trend, the dip is likely to worsen because of a recent decline in the crypto world.
DOGE/USD Market
Key Levels:
Resistance levels: $0.125, $0.130, $0.135
Support levels: $0.100, $0.095, $0.900
DOGE/USD like many other top cryptos is trading on the negative side. The current pullback has been across the board and the Dogecoin is taking a strong hit as well. Currently trading at $0.112, it is dropping from under $0.113 and hovers around this level before this major drop to the daily low of $0.110 at the time of writing this.
Dogecoin Price Analysis: Where is Dogecoin Price Going Next?
On the downside, a move below the lower boundary of the channel; may increase the short-term selling pressure while the next supports may come at a psychological $0.100, $0.095, and $0.900. Meanwhile, any bullish movement above the 9-day and 21-day moving averages may reach the next resistance at $0.125, $0.130, and $0.135 levels.
On the positive side, the technical indicator could start a new bullish session. It is, however, not clear how long the session will last because, this month, the bearish signals are more frequent than the bullish signals. Therefore, it is important to watch the support levels coupled with the movement of other indicators like the Relative Strength Index (RSI) and the Moving Averages (MA).
DOGE/BTC Market: Bears May Come into Focus
Compared with Bitcoin, the market price remains within the channel, trading at 324 SAT breaking below the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a cross above this barrier, the bulls may end up dominating the market.
However, if the market drops more, the next key supports may come at 300 SAT and below. On the bullish side, a possible rise could push the market above the moving averages to hit the resistance level of 340 SAT and above. According to the technical indicator Relative Strength Index (14), the market may begin to move up as the signal line leaves the oversold region.
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