- While a significant portion of the altcoin market is recovering well, Dogecoin (DOGE), the world’s largest meme coin, is facing strong selling pressure.
- The $0.0959 level holds great significance for Dogecoin (DOGE) and has served as a resistance barrier that the meme coin struggled to surpass for nearly 11 months in the past.
- In the early hours of Monday, Dogecoin’s founder, Billy Markus, also known as Shibetoshi Nakamoto, humorously reacted to bearish trends on Twitter.
Dogecoin price faces selling pressure as cryptocurrencies recover: Which levels to watch for DOGE?
Dogecoin Price Faces Selling Pressure
While a significant portion of the altcoin market is recovering well, Dogecoin (DOGE), the world’s largest meme coin, is facing strong selling pressure. Currently, Dogecoin (DOGE) price is trading at around $0.096, down more than 4%, and is losing its ninth position against Avalanche (AVAX).
According to a crypto analyst, the TD Sequential indicator has given a weekly chart sell signal for Dogecoin (DOGE). This development aligns with a significant resistance level that previously hindered Dogecoin’s rise. In the event of a correction, the analyst suggests potential price declines to the range of $0.085 to $0.078. However, if Dogecoin manages to surpass the $0.11 level, a bullish scenario may unfold that could neutralize the current bearish outlook.
The $0.0959 level holds great significance for Dogecoin (DOGE) and has served as a resistance barrier that the meme coin struggled to surpass for nearly 11 months in the past. Following this recent breakout, Dogecoin’s price has become vulnerable to potential further declines and is at risk of losing support at $0.0900. The subsequent critical support is at $0.0840, and a breach could lead to a 11.5% decline for the cryptocurrency.
Despite recent negative developments, indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) still reflect some bullish tendencies in the market. This positive outlook could contribute to DOGE redefining $0.0959 as support. Such an achievement might push the meme coin towards $0.1000 and set the stage for further upward movement.
DOGE Founder Reacts to Bears
In the early hours of Monday, Dogecoin’s founder Billy Markus, humorously reacted to bearish trends on Twitter, also known as Shibetoshi Nakamoto. Markus wrote on Twitter: “Oh no, crypto is dead, everything is dead, etc.” This joke received positive reactions from the community and was endorsed by Elon Musk, known as the owner of DOGE.
There’s a new leader in the meme coin space, and it’s Solana-based BONK. In the past week, the meme coin Bonk, operating on the Solana blockchain, has shown remarkable performance, outperforming others. With an impressive surge, the digital asset recorded a notable 150% value increase, surpassing the gains of Dogecoin, Shiba Inu, Pepe, and Floki Inu, ultimately reaching an all-time high.
