Falling Dogecoin Prices Halt at $0.8 Local Support; Will Buyers Takeover?

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Brian Bollinger The Dogecoin price experienced a steady recovery over the course of a month thanks to a parallel channel pattern. The coin price reached $0.098, the current local top, thanks to a series of higher highs and lower lows. The Dogecoin price suffered a major decline from the support trendline of the pattern on February 9th, despite the recent crypto market sell-off. This breakdown has created a sense of the upcoming correction phase, which would evaporate the gains records in the January rally.advertisementKey Points:A dogecoin price is likely to revisit the $0.087 barrier before continuing the prevailing downfall.
A bearish crossover between the 20 and 200-day levels could attract more selling orders.
The Dogecoin coin’s 24-hour trading volume is $383.2 Billion. This indicates a 3.5% gain.
Source-TradingviewBy press times, the DOGE price trades around the $0.082 mark. It continues to hover above $0.0793 support. The daily chart for the past six days showed multiple rejection wicks on both sides of the daily candle, which indicates market participants are struggling with uncertainty. The memecoin is under more buying pressure so prices could rise 8.8% to retest $0.897 as resistance. This level should be marked by coin holders as it could have a significant impact on Dogecoin’s price in the future. Trending Stories Thus, the potential breakdown may push the prices below the $0.0793 support.On the contrary note, a breakout from the $0.897 barrier will undermine the pattern breakdown and rechallenge the $0.1 ceiling.Technical indicatorRSI: The daily RSI slope wavering just below the midline indicates the market sentiment leans on the seller’s side.advertisementEMAs: the crucial daily EMAs(20, 50, 100, 200) gathering between Dogecoin’s current price and $0.0897 resistance indicates its easy road for the coin to resume its ongoing downtrend.Dogecoin Price Intraday LevelsSpot rate: $0.082
Trend: Bearish
Medium Volatility
Resistance levels: $0.089 and $0.1
Support levels: $0.079 and $0.071
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