DOGE Price Analysis – December 13
Dogecoin is still in a bear market. Selling pressure will continue as soon as the bears break the low at $0.0021. In DOGE/BTC pair, the coin is out of the bear market but lacks buying power at the upper price level.
Resistance Levels: $0.0030, $0.0035, $0.0040
Support Levels: $0.0020, $0.0015, $0.0010
Dogecoin was in a bull market in May, June, and July. The upward move was hampered by the overhead resistance at $0.003500. The bulls tested the overhead resistance on more than three occasions but were resisted. Each time the bulls attempt the resistance level, the coin will fall to the support of the EMAs. Nevertheless, on July 4, the bulls broke the overhead resistance but it resulted in a bear market. The coin faced selling pressure as the bulls made a partial break at the resistance.
Dogecoin dropped to a low of $0.0021 and then pulled back. The pulled back was resisted at $0.00300, and the coin dropped again to the previous low at $0.21. The coin is trading now above the $0.0021 price level. The downtrend will continue if the price breaks the low at $0.21. From the Fibonacci tool, a bullish candlestick tested the 0.786 retracement level. This indicates that the selling pressure will continue to a low of 1.272 extension level. Meanwhile, the Relative Strength Index period 14 level 40 indicates that the coin is in a range-bound movement.
In the DODE/BTC pair, the coin was in a bear market as it fell to the support of Ƀ0.00000025. The bulls made an upward move at the support. The upward move was short-lived as the bulls were resisted at the Ƀ0.00000035 price level.
The coin fell and consolidated above Ƀ0.00000030. DOGE lacks buyers at the upper price level. Meanwhile, the coin is trading at the 25% range of the daily stochastic. This implies that the coin is in a bullish momentum.
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