Dogecoin, the blockchain network behind the issuance of one of the largest and oldest meme coins, DOGE, seems to be in trouble.
The data shows that the trading price of the network’s meme coin has recorded a major slump recently. The Wednesday trading session witnessed a great slump in the trading price of DOGE.
The selling pressure seems to have gained momentum in the Wednesday session, pulling the trading price of the asset much lower than other major assets.
DOGE Failed to Surge Past $0.070
It was on Wednesday when the buyers were trying to push the bears out of the competition. They wanted to push DOGE’s price higher, pushing it over the $0.070 mark (21-DMA).
Despite the strong sentiments, the bulls failed to make it past the 21-DMA. The bears were able to take on the bulls with even stronger selling sentiments.
This led to a great scuffle between both sides but eventually, the bears emerged victorious. This could be witnessed through the trend that saw the trading price of DOGE being turned down from a particular level.
Prior to facing defeat at $0.070, the bulls had faced a defeat at the $0.079 mark, the 200 DMA. However, the bears proved their resilience at that level as well.
They initially turned them down from the particular level and went on to increase their selling power. This led to pulling DOGE below a strong support level ($0.070), proving that the bears are in power.
With the recent bearish pulls, it has been verified that the sellers are in control. They may continue pulling their price lower as long as the bulls do not come up with a stronger buying momentum.
Key Zone for DOGE
According to the analysts, $0.079 had been acting as a key level for DOGE. It was the zone where there were strong possibilities of bulls building up strong support.
As DOGE started to experience a great rally with the start of 2023, its value reached higher levels. The price of the asset had been pushed over the $0.10 mark.
At that time, $0.079 was acting as a strong support level for the asset. It was until the beginning of February, the particular level acted as the strong support until DOGE experienced the decline.
The trading value of DOGE kept moving in a downward direction. Although the bulls tried hard to push back at the strong support, none of their attempts succeeded in doing that.
Eventually, the price of DOGE moved down from that particular level and it has continued declining since then.
10% Decline in DOGE’s Price
The data shows that in the past 4-hours, the trading price of DOGE has declined by 7.5%. As for the part 24-hours, the trading price of DOGE has recorded a 10%.
The selling pressure is constantly rising for DOGE, which is bringing its trading price lower. The bulls are still trying to push against the strong selling of the bears. However, the trend is currently leaning toward the bears.
It is quite alarming that the trading price of ETH and BTC have continued surging higher while DOGE has continued experiencing a downtrend.
What’s next for DOGE?
As of now, analysts are speculating that the selling pressure may rise and if it comes true, then DOGE’s price may plummet to $0.065.
According to their calculations, if the bearish pressure rises, then the trading price of DOGE may fall to $0.055, which is a low level from October 2022.
In case, Elon Musk decides to adopt DOGE as a Twitter currency, things may turn bullish for the meme coin. The bulls may be able to push its price higher than the $0.079 level.
The asset may make it past $0.080 and then go on to hit $0.085 in the due course. With the buying momentum rising, DOGE’s price may surge to $0.090.
However, in light of the recent developments, it could be suggested that a bearish movement is more likely to happen than a bullish move.
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