Dogecoin (DOGE) has been moving downwards since reaching an all-time high price on May 8.
While it bounced and has broken out from a descending resistance line, the bullish trend reversal has yet to be confirmed.
DOGE drops after all-time high
DOGE reached an all-time high price of $0.737 on May 8. This was the culmination of a very significant bull run, in which the token increased by 54,890%.
DOGE has been moving downwards since. So far, it has reached a low of $0.163, doing so on June 21. The low was made right at the 0.786 Fib retracement support level. A bounce ensued afterwards, leaving a long lower wick in place. Despite the bounce, technical indicators are bearish. The MACD has given a bearish reversal signal, while the Stochastic oscillator has made a bearish cross (red icons).
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