Dogecoin has recently broken below a key support level at
$0.0022. Price had managed to hold at this level on numerous
occasions in past trading activity. This was a key level in both
June and August of this year.
Price has now broken below this level and has also dropped
below the $0.002 point. The $0.002 point likely holds mostly
psychological significance to traders. Each time price dropped
below $0.002 over the past few days; traders have brought
price action back up despite bearish conditions in many other
cryptocurrencies.
Price currently trades around $0.00205 and seems likely to
break below $0.002. The momentum is bearish, and the
conditions across the rest of the market are also extremely
bearish. The RSI has been decreasing showing strong seller
momentum. The MACD has started to flatten out with the
recent support levels coming in to play.
In terms of the overall market, performances have been
extremely bearish. The overall cryptocurrency market cap has
decreased from around $211 Billion two weeks ago to around
$122 Billion today, an over 40% decrease. These bearish
conditions increase the likelihood that we will see Doge drop
below $0.002 again and sharply decline. If this takes place,
$0.002 will likely turn from a point of strong support for
Dogecoin to a point of robust resistance.
Source :
https://blokt.com/technical-analysis/dogecoin-doge-to-break-below-key-level