Despite Elon Musk’s Recent Tweets, DOGE At Critical Support

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Like the rest of the cryptocurrencies, Dogecoin had seen a painful month in May, experiencing a rapid decline in its DOGE valuation. Can Elon Musk save his favorite cryptocurrency with the price at critical support?

Key Support levels: $0.08

Key Resistance levels: $0.11

DOGE had a positive month in April, but all of this came to an abrupt stop in May with its price falling by over 60% from the highs recorded just a month before. Now, DOGE is facing the 8 cents critical support. From the bullish side, the key resistance lies at 11 cents, however, this level seems quite far away right now.

Chart by TradingView

Technical Indicators

Trading Volume: The volume closed in the green over the past two days, but now the price action turned red again. Despite the above, the trading volume remained low over the weekend.

RSI: The daily RSI made a higher low, but continues to be very close to the oversold area. This is a sign of weakness as long as the RSI cannot move higher.

MACD: The daily MACD is bullish. However, buy momentum is absent, which is reflected in the histogram.

DOGEUSDT_2022-05-29_12-38-38
Chart by TradingView

Bias

The bias for DOGE is bearish, while Dogecoin hopes for a better month after the bloody May.

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Cryptocurrency charts by TradingView.

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