Dogecoin price continues to dip which was triggered since the last trading day, leaving room for misty clouds on the target at $1
The DOGE price is currently down by more than 70% from its ATH and shows very little chance of a rebound in a short time
Dogecoin price with its multiple rallies of more than 100% in a day attracted many new investors and traders to the ecosystem. However, the price was shaken since the SNL snub and remained low-key until a fresh slump dragged the price below $0.2. So will the DOGE price still go to the Moon?
The cryptocurrency that began its journey as a joke or a meme, remained constant below one cent till the end of January 2021. Then something big happened, the DOGE price along with GameStop showcased an eye-catching rally. The value of DOGE shot up to 7.5 cents within a small time frame and slid down closer to 2 cents rapidly.
The meme token, Elon Musk tweeted about continuously, reached an all-time high in mid-April. The market capitalization also spiked, securing its place within the top 3. However, the dip that followed squeezed more than $60 billion. Since then, the price rallied very occasionally and the cryptocurreny may require little more time to go to the moon.
Dogecoin Price Analysis, What Is Awaited For The Currency Next!
The entire crypto space is trembling with the FUD probably due to some external factors which resulted in a serious drain. The Bitcoin prices were slashed along with most of the cryptocurrencies in the space. Dogecoin price too could not sustain the trembled situation and dipped profusely.
DOGE price currently is attempting very hard to sustain above $0.2 which appears to be a very tough job to accomplish. Despite the decline, the price tried to pull a leg up in the early trading hours but failed. The dip was so harsh that the RSI levels in the hourly chart dipped below 10. However, a little recovery again raised these levels above 40.
The trading volume also jumped notably and impressively the buying volume uplifted the price from the monthly lows around $0.16. Currently, at the press time, the dogecoin price is $0.2021 with a drop of 21.16% in the past 24 hours.
Currently, it is mandatory for the dogecoin price to sustain above $0.2 and head towards the resistance levels around $0.29. But if the dip continues, revisiting the lower support levels at $0.107 and later around $0.06 may be imminent. The indicators for the DOGE price point a sell signal, which is a little worrisome for the cryptocurrency right now.