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Dogecoin Cracks Below A Key Support Level And The Chart Is Doing A Downward Dog | Benzinga

Dogecoin (CRYPTO: DOGE) is buying and selling decrease Monday because the crypto market sees one other bearish day. Many common cryptocurrencies dropped greater than 5%, comparable to Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC), and Ethereum Classic (CRYPTO: ETC).

Dogecoin was down 6.17% at $0.143 on the time of publication.

See Related: Dogecoin Nears A Critical Support Level: Can It Hold?

Dogecoin Daily Chart Analysis

  • Dogecoin continues to drop decrease and has now fallen under the $0.15 assist degree in a sideways channel. The continued drop for the Shiba Inu-themed crypto reveals a bearish outlook on the chart. If this assist degree turns into an space of resistance, Doge might see a robust push decrease.
  • The crypto trades under each the 50-day shifting common (inexperienced) and the 200-day shifting common (blue). This signifies the crypto is buying and selling with bearish sentiment, and every of those shifting averages could maintain as an space of resistance sooner or later.
  • The Relative Strength Index (RSI) has continued to commerce decrease and sits at 29. This reveals that sellers are answerable for the crypto because it sits within the oversold area. An RSI that continues to fall present that sellers preserve pouring into the crypto and trace it might proceed to fall decrease.

What’s Next For Dogecoin?

Dogecoin falling under the assist degree is a bearish signal. For Doge to begin to bounce again, the coin might want to get better the assist degree and be capable to maintain above the realm as soon as once more. Bullish merchants wish to see the value climb again above the extent and keep above it. Bulls are then in search of the value to begin to kind greater lows and to cross above the shifting averages.

Bears are in full management of the crypto because it sits now and are in search of it to proceed to carry under the $0.15 degree and stay under the shifting averages.

Related Link: Dogecoin Co-founder Billy Markus Hits Back At Mozilla’s Decision to Halt Crypto Donations, Calls Internet Outrage ‘Hypocritical And Stupid’

Photo: Courtesy of Daniel Kwon on Flickr

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