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Dogecoin Price Feared To Continue With A Bearish Trend, Is $0.2 At Stake?

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Highlights

    Dogecoin price slipped below $0.2 levels and looking for a considerable recovery to regain the previous levels

    The bulls appear to have withdrawn completely as no notable spike with the price or volume is recorded since a week

    With the continued trend, the DOGE price could slash too much lower levels than now and lose $0.2 levels in a similar way as it lost $0.3

Dogecoin price initiated with the current month trade with a bearish note accumulating 4 red daily candles. However, the fresh day trade appears to be slightly bullish but buying pressure is not witnessed yet. And hence compelling the DOGE price to swing with a very narrow margin. 

The price in the present-day trade also manifesting a possibility of continuation of a bearish trend as no notable recovery is establish at the press time. The price opted to slide down towards the lower Bolinger Band levels and attempt for a breakdown. A slight recovery prevents breaching through the lower levels yet the bearish divergence is still fluttering around.

dogeprice
Source: www.digitalcoinprice.com

DOGE price appears to have to lose its grip over the bullish trend as the volume is dipping constantly for the past couple of days. Despite some buying happening around, the selling pressure still mounts all over. Moreover, the trading volume also has dipped more than 11% that clearly points out at the bulls setting themselves apart. 

It’s high time for the bulls to take back the control, else the DOGE price cloud plunge close to $0.17 or $0.165 levels. As the RSI is also trending along with the descending trend and the MACD also showcasing mounting selling pressure. However, the RSI at the press time has rebounded slightly and the selling volume also has gone down considerably. Yet a strong green candle and a spike in the RSI levels can confirm the uptrend.

dogersi

Collectively, bearish clouds have been hovering all around the dogecoin price for the last couple of days. Yet the main concern remains with the bulls been away from uplifting the price above $0.2. A considerable flip is mandatory as with the dipping strength and volume, breaching $0.2 levels appears a strenuous job for DOGE price.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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