Dogecoin (DOGE) has been trending downward since late 2021, especially in November.
- DOGE is currently up 0.88% or $0.06247 . doing business on
- Dogecoin trailing November 2021
- DOGE is showing some bearish moves
DOGE has been on a rollercoaster ride with up and down sequences. The popular Doge Mem coin is seen rallied last month and posted double digit gains in percentage terms.
There was a significant rally in August when DOGE managed to rise from a low of $0.059 to a high of $0.087.
Dogecoin is currently sitting in the demand zone it has seen since July. According to CoinMarketCap, DOGE is up 0.88% or is trading at $0.06247 as of this writing. With the rate this is going on, Dogecoin could potentially move towards the $0.07 area.
DOGE likely to circle towards bears
On the longer market time frame, DOGE is looking bearish, while Bitcoin is similarly showing some weakness. DOGE was able to take full hold of the support area, but the momentum seems to be turning towards the bears.
Now, Bitcoin has always had a strong influence on the performance of DOGE and other altcoins. That being said, this goes with bitcoin, even if the king of crypto gives it wings or crashes.
Source: TradingView
From July to August, DOGE remained in the range of $0.063 to $0.07. As of press time, BTC is still facing a strong hurdle at the $20.4k and $20.8k levels.
That being said, if Bitcoin can successfully cross these levels, DOGE will have a better chance of moving on the charts.
Dogecoin’s CMF Shows Intense Selling Pressure in August
DOGE technical indicators are showing a bearish outlook. Additionally, the RSI has also moved below the 50 area seen over the past few days which validates the bearish momentum of the coin.
Similarly, the OBV is not showing any signs of slippage as it remains firmly anchored on the key support line it has been sitting on for the past few months. The CMF has also displayed intense selling activity in August.
Furthermore, the Bollinger Bands are shown as a spike indicating intense volatility after DOGE dropped from the $0.085 mark.
In any case, DOGE may drop below $0.055 if OBV does not hold on to the support area over the next few weeks.
It is important for DOGE to hold on to the $0.061 level, which has been especially important in the months of February and March in 2021 as once DOGE loses its hold on those key levels, the Mem coin will move sharply towards the $0.049 and $0.05 levels. level may fall.
Crypto total market cap at $952 trillion on the daily chart | Source: TradingView.com Featured image from Finance Magnates, chart from TradingView.com