The cryptomeme Dogecoin (DOGE) continues to lose, wrapped in a short-term downtrend that does not give up, watch this technical analysis to find out where it is headed.
At the time of writing this currency is trading at $ 0.1721, accumulating a loss of 4.48% in the last 24 hours and 20.56% in the last 7 days.
It seems that the dog-name cryptocurrency fever is over.
Elon Musk, Doge’s main promoter, almost completely forgot about her. Now she seems to have a new daughter, and it is the new Baby DOGE, which after a single tweet managed to catapult her price by more than 100%.
An hour before this tweet, Elon posted a similar one, with the iconic image of Marlon Brando taken from the movie The Godfather, saying: Free the Doge!
And despite the fact that this tweet could refer to the largest cryptomeme, apparently its power of influence is no longer the same, as we saw how the fall of DOGE was even accentuated.
DOGE Technical Analysis: Daily Chart
The cryptomeme fever has ended for now. The continuous succession of lower and lower maximums and lows observed on the daily chart does not confirm them.
The short-term trend is clearly bearish, and there is no sign of reversal at the moment.
However, we can clearly see how the bearish volume is much less relevant than the rise in previous months, which tells us that buyers could surprise us.
When we perform a technical analysis of the DOGE vs USD daily chart, we notice how the price is continually being defended in a large support zone.
We may see a significant rally in the short term from where it is. You can look for $ 0.26 as your first target. Higher up, the next relevant resistance is at $ 0.41.
A confirmation that this could happen is to break through the descending diagonal resistance that I mark on the chart below.
For now we may see some more losses within the price zone. DOGE price must maintain support at $ 0.13 if it wants to avoid further losses. In case of losing it, the land would be cleared up to $ 0.07.
Dominant bullish force may still give some more thrills
Doing a weekly graphical technical analysis, we see that there is a fairly dominant bullish force, which took the price towards a surprising all-time high last May.
This previous trend may see Dogecoin rebound. However, already at the point where you are, expecting too large a profit is quite risky.
Still, should the bull market continue, it wouldn’t be unreasonable to see a major rally for this coin.
Even if the bear market has already started, the DOGE price is in a good place to initiate a relevant upward correction.
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