Dogecoin (DOGE) Battles To Maintain the 200-day Moving Average as Support
With respect to price action, Dogecoin is currently hovering at the $0.17 price area. Furthermore, the meme-coin is currently trading slightly below the 200-day moving average as highlighted in the following chart.
Also from the daily chart DOGE/USDT chart above, the following can be observed:
- Dogecoin is in a clear downtrend and has retraced by roughly 77% since its all-time high value of $0.74 set in early May as news broke of Elon Musk hosting an episode of Saturday Night Live
- Dogecoin seems destined for a death cross as we approach the month of August. The 50-day moving average looks set to cross the 200-day moving average towards the end of July
- Dogecoin’s trade volume has reduced tremendously from levels last seen in the months of April and May
- The daily MACD is hinting at a bearish scenario for Dogecoin
- However, the daily MFI and RSI offer a small indication of an oversold scenario that could help DOGE reclaim the 200-day MA as support in the coming week
As with all analyses of altcoins such as Dogecoin, traders and investors are recommended to keep an eye out for any sudden volatility by Bitcoin that might affect their DOGE positions.
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