Should You Purchase Dogecoin (DOGE) Near This Price? The Unexpected Answer

Since falling below $0.19 in December 2021, Dogecoin (DOGE) has experienced a continual selling flurry. During June sessions in 2022, the canine-themed token reached its lowest price due to the decline. In the meantime, buyers have struggled to reclaim vital support zones.

During the prior bullish run, Dogecoin’s breakout established a position beyond the 10-month trend-line support. The latest bearish drag from the POC (Point of Control) caused this trend-line foothold to be retested by the meme token.

DOGE may experience a short-term rally as a result of reversing tendencies before extending its downward trends. Dogecoin was trading at $0.0618 at the time of this blog’s publication, a decline of more than 3% within the previous twenty-four hours.

Dogecoin Daily Duration

Dogecoin’s price dropped below its 20 EMA and 50 EMA after a reversal occurred when bearish momentum appeared to regain strength near the $0.08 level. The Point of Control region witnessed a struggle between sellers and buyers, although the bearish engulfing candle indicated bearish intent.

Since DOGE’s long-term trend line has been a strong support, buyers may attempt to stem the current flow of selling based on this empirical reversal inclination. A potential rebound from the level could encourage bulls to test $0.068 before possible reversals.

However, a continued decline below $0.061 would pave the way for additional DOGE losses. Prior to the onset of a sluggish period, sellers might attempt to drive the price to $0.056.

Reasoning

The RSI (Relative Strength Index) dropped below the 43 level of support, indicating a massive bearish advantage. Continued actions below this threshold would support short-term sales initiatives. In addition, the AO’s (Awesome Oscillator) dip below the zero area was consistent with the overall bearish stance.

Surprisingly, the VO (Volume Oscillator) maintained its downward trend throughout the most recent decline. This confirmed a minor bearish movement. The ADX confirmed that DOGE’s direction is declining.

Final Remarks

In this publication, Dogecoin fluctuated at a critical juncture. If buyers maintain the 10-month trend-line support, the meme coin may see short-term gains.

However, the bearish cross on the 20-50 Exponential Moving Average confirmed the bearish strength and maintained sellers’ preference for medium- to long-term projects. The objectives are outlined above. Dogecoin has a significant correlation with Bitcoin. Fans of Dogecoin can therefore observe BTC’s activity for money-making opportunities.