The cryptocurrency market is down over the last 24 hours. The majority of Altcoins including Dogecoin (DOGE) are recording significant losses. At the time of writing, DOGE was exchanging hands at $0.210, down 7.91% in the last 24 hours and 13.02% weekly. Ranking 7th largest, Dogecoin market capitalization sits at $27.69 billion and $1.83 billion in traded volume over 24 hours. People around the world started partying for Dogecoin when the ‘Million Doge Disco’ officially started on July 3rd. Participants in the augmented reality game will be awarded NFTs and also receive free one million Dogecoin. The event with the ultimate goal of “world peace” will run until September 21.
Key Levels
Resistance levels: $0.4000, $0.3500, $0.3000
Support Levels: $0.1950, $0.1700, $0.1357
DOGE/USD Daily ChartDOGE is pointing to the downside again after its bullish attempts to close above the $0.291 level and run beyond the MA 50 at $0.30 vanished on June 25. The RSI has reversed course as well, unable to create a higher high in the bearish territory. The narrowing distance between the MA 50 and MA 200 is something to keep a close eye on too in the coming sessions. The spotlight is now on the May 19 low of $0.195. A decisive close below it would downgrade the short-term market structure, bringing the MA 200 at the $0.17 level next into focus.
This is also where the support of the June 22 rebound is positioned. On the upside, unless the MA 50 at $0.30 blocks the way, the rally could accelerate towards the $0.46 handle, which was seen as a barrier limiting upside movements since mid-April. Yet, for an outlook improvement, the DOGE/USD pair would have to spiral through a long distance to peak above the $0.760 all-time highs.
DOGE/USD 4-Hour ChartDOGE price has been in a slightly descending mode after it reached the $0.29 barrier on June 25. The price is currently holding beneath the MA 50 and MA 200. However, the RSI is heading towards oversold levels which may suggest a possible relief rally in the next sessions. If there is an attempt above the MA 50 ($0.238) and the MA 200 ($0.276), the next target could be the $0.40 and $0.44 levels.
A break above these obstacles could open the door for the $0.60 and the $0.755 strong levels. On the flipside, immediate support could come from the $0.20 level before the bears drive the Dog-themed token lower towards the $0.16 low. Overall, a jump above the MA 50 at $0.238 could change the recent decline back to a positive one.
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