{"id":212086,"date":"2022-01-11T23:00:54","date_gmt":"2022-01-11T17:30:54","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=212086"},"modified":"2022-01-11T15:36:47","modified_gmt":"2022-01-11T10:06:47","slug":"is-dogecoin-headed-for-a-free-fall-as-it-breaks-through-crucial-support-level","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-dogecoin-headed-for-a-free-fall-as-it-breaks-through-crucial-support-level\/","title":{"rendered":"Is Dogecoin headed for a free fall as it breaks through crucial support level"},"content":{"rendered":"

Dogecoin was all over the news in May when the price was $0.7 and climbing. However, since then, Dogecoin has made a series of lower highs. It appeared to form a range between July and December, but at the time of writing, the prices were well below the range lows. It no longer appeared to be a deviation from the range, but rather the beginning of yet another leg downward. Could Dogecoin drop yet another 40% in the weeks to come?<\/p>\n

\"\"<\/a>
Source: DOGE\/USDT<\/a> on TradingView<\/figcaption><\/figure>\n

The price forms support and resistance levels in an organic fashion, where a move upward is met (for example at a Fibonacci extension level) by sellers who believe buyers are exhausted (contrarian traders) as well as bulls locking in profits.<\/p>\n

For Dogecoin, the surge in late April from $0.08 to $0.36 did not form such areas, but over time, the $0.16 area (cyan box) was repeatedly tested in search of demand. In recent days, the price fell below this area and momentum also seemed to be with the bears.<\/p>\n

Analysis of lower timeframes showed that $0.1245, $0.115, and $0.0945 could be levels where DOGE can experience a bounce. However, below $0.163, higher timeframe support was next found only at $0.08, which represented a 44% drop from prices at the time of writing.<\/p>\n

Rationale<\/h4>\n
\"\"<\/a>
Source: DOGE\/USDT<\/a> on TradingView<\/figcaption><\/figure>\n

The RSI fell below 40.89, a level from which the daily RSI has bounced in the past. Combined with the drop in price below a key area of demand at $0.16, it appeared that a bearish trend was once more strengthening behind DOGE.<\/p>\n

The MACD formed a bearish crossover beneath the zero line as well, which showed momentum was downward. The Aroon Oscillator also showed a bearish trend was in progress, with the bulls hardly able to make a dent on it over the past two months.<\/p>\n

Conclusion<\/h4>\n

Some levels of support were identified on lower timeframes, but it was not yet clear whether Dogecoin would find a bottom at any of those levels or whether it would test $0.08. The indicators and the market structure of lower highs showed a bearish trend that could take Dogecoin below $0.1. It could be the case that other meme coins<\/a> have occupied what was once Dogecoin’s place in the market, and DOGE would continue to wane in strength in the months to come.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dogecoin was all over the news in May when the price was $0.7 and climbing. However, since then, Dogecoin has made a series of lower highs. It appeared to form a range between July and December, but at the time of writing, the prices were well below the range lows. It no longer appeared toContinue reading “Is Dogecoin headed for a free fall as it breaks through crucial support level”<\/span><\/a><\/p>\n","protected":false},"author":57,"featured_media":212125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-212086","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nIs Dogecoin headed for a free fall as it breaks through crucial support level - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Dogecoin fell beneath a key area of demand at $0.16, and did not have major support levels till well below the $0.1 mark.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ambcrypto.com\/is-dogecoin-headed-for-a-free-fall-as-it-breaks-through-crucial-support-level\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Dogecoin headed for a free fall as it breaks through crucial support level - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Dogecoin was all over the news in May when the price was $0.7 and climbing. 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