Despite the recent growth in the crypto market, the dogecoin price continues its downward trend. On December 14th, the memecoin breaks below a $0.09 support with sufficient volume, indicating likeless of further downfall. How far may this potential fall carry Dogecoin in the coming weeks?
A resistance trendline of a 4-hour time frame chart assists sellers in prolonging Dogecoin losses
The Dogecoin price plunged below the 200-day EMA support
The 24-hour trading volume in the Dogecoin coin is $467.5 Billion, indicating a 30% loss.
Are whales Accumulating Amid Dogecoin Fall?
Intotheblock, the on-chain data provider, showcased their Dogecoin has been witnessing huge whale transactions since December 10th. The Large transaction metric records transaction value greater than $100000 to figure out how institutional investors and whales react to the current market scenario. These players have a better understanding of the market, so their activity could highlight an important turnaround mark.
Thus, despite a steady downfall in Dogecoin price, a rising slope in this onchain indicator hints at whale accumulation. On December 13th, the indicator shows a two-week high value of 1.48k transactions.
Dogecoin Price Analysis
Over the last two weeks, the Dogecoin price showcased weakness compared to market leaders like Bitcoin and Ethereum. On December 5th, the coin price turned down from the $0.1 resistance and triggered a v-top reversal. This downfall registered a 20% loss and plunged the Doge price to its current level of $0.87.
Moreover, the falling prices breached local support of $0.09, indicating the seller are confident in reaching lower levels. Yesterday, this memecoin witnessed a 3.6% loss and offered a daily candle closing below the $0.09 mark.
If the price shows sustainability below the breached support, the sellers may drive Dogecoin 15% down to $0.0735.
RSI indicator: A recent downfall in the RSI indicator, which reflects the strength of the coin’s recent price action, displays a bearish outlook as its slope nosedive below the neutral line
EMAs: with the recent downfall, the Doge price dipped below the 20, 50, and 200 daily EMAs offering additional confirmation of potential downfall.
Dogecoin Price Intraday Levels
Spot rate: $0.087
Resistance levels- $0.09 and $0.1
Support levels- $0.082 and $0.073
The post Falling Dogecoin Price Breaks Another Support; Back To 0.075 Mark? appeared first on CoinGape.
- @ December 15, 2022 4:20 am