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DOGE Price Analysis: Dogecoin Crashes After “Dogefather” and Dogecar Support Fails To Oust Bears

  • Dogecoin (DOGE) declined, crashing to fresh lows of $0.211 on June 21
  • DOGE was exchanging hands at $0.2261, down 11.69% in the last 24 hours and 28.04% weekly
  • The hashtag ”Dogefather” got trending on Twitter as Dogecoin fans celebrated father’s day, @elonMusk

The crypto market continues its slump on Monday after images of major mining pools in China’s Sichuan province being shut down were shared on social media across the weekend. Dogecoin (DOGE), just like most crypto assets declined, crashing to fresh lows of $0.211 on June 21. At the time of writing, DOGE was exchanging hands at $0.2261, down 11.69% in the last 24 hours and 28.04% weekly. Ranking 7th largest, Dogecoin market capitalization sits at $29.02 billion and $2.67 billion in traded volume over 24 hours. On June 20, the hashtag ”Dogefather” got trending on Twitter as Dogecoin fans celebrated father’s day, @elonMusk. Another tag that got trending was ”Dogecar”, a Dogecoin-donned race car. However, Saturday’s NASCAR Xfinity Series Race in Nashville ended in disaster for the Dogecoin sponsored car, with the DOGE-emblazoned Chevrolet Camaro driven by Stefan Parsons smashing into the wall on lap 70.

Key Levels
Resistance levels: $0.4000, $0.3500, $0.3000
Support Levels: $.1950, $0.1700, $0.1357

DOGE/USD Daily Chart: Ranging

DOGE/USD Daily Chart

Dogecoin staged a steady decline of nearly 53% after failing to close above the MA 50 ($0.396) on June 3. Today’s sell-off to lows of $0.211 has pushed the price towards oversold levels and near the May 19 bottom of $0.19, bringing the case for a downtrend forward. A trip down beneath today’s low of $0.21 may target the $0.19 support. Should the $0.19 level give way, the bears may need to remove the $0.15 support at the MA 200 to pick up steam towards the $0.13 key area.

With the RSI hinting at oversold conditions near 30, an upside correction or some stabilization should not be a big surprise in the short term. If the $0.21 support holds firm, the price may test the $0.34- $0.36 range before revisiting the MA 50 ($0.396). Beyond this mark, the bulls may attempt to eliminate downside risks and reactivate the uptrend towards the May 7 all-time highs of $0.76.

DOGE/USD 4-Hour Chart: Bearish

DOGE/USD 4-Hour Chart

Dogecoin posted a negative correction movement after topping at $0.44 at the beginning of the month. The price also declined below the 4-hour MA 50 and 200 at $0.302 and $0.334 respectively to hit lows at $0.21 on June 21. More losses might push the price down to the $0.19 barrier, before crashing to $0.15. The RSI has touched oversold levels at 20, which may suggest that a relief rally might be underway.

DOGE might bounce again to the upside, encountering resistances at $0.29 level ahead of the MA 50 ($0.302), MA 200 ($0.334), $0.44, and $0.56 before resuscitating the upside move to the all-time highs of $0.76. Finally, the Dogecoin price has traded down from its all-time highs due to the ongoing market correction. Only a sustained breach of the MA 50 ($0.302) might switch the outlook back to neutral.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

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