Time to sell Dogecoin as token fails breakout at key resistance level

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining

  • Dogecoin’s bullish strength waned on weak fundamentals

  • The cryptocurrency is yet to clear $0.07 successfully 

  • DOGE risks further drop or consolidation below the resistance zone

Dogecoin’s DOGE/USD’s bullish rally has not only cooled off. Cracks are emerging that could push the token done once more. Minding that cryptocurrencies can often pull a surprise, investors would be better off selling the meme coin. This thesis explores why. 

One of the fundamental drivers of Dogecoin recently was the anticipation of growth in use cases. Investors speculated that once Doge’s father, Elon Musk, acquires Twitter, he would accept its payments. The acquisition remains in limbo. Still, no major Dogecoin announcements or influencer mentions have happened lately. 

The second factor for DOGE’s lack of bull strength is buyer exhaustion. Attempts to take Doge to $1 by Elon Musk failed terribly. At the bottom price of $0.05, DOGE attempted recoveries as other cryptocurrencies surged. As most tokens surged by double digits, the highest that DOGE hit was $0.078 at the end of June. That’s an upsurge of around 56% from the $0.05 bottom. Nevertheless, the token always crashed below the resistance at $0.07 each time it surged. The token currently trades at $0.069 as it consolidates lower.

DOGE fails another breakout at $0.07 resistance

Source – TradingView

Technically, DOGE is consolidating below the $0.07 resistance. The MACD line is close to the moving average and about to move below it. A bear case is strong as the price lacks bullish power. Investors should sell now before the price slides further. A break above the $0.07 resistance will confirm a bull case.

Concluding thoughts

Dogecoin token could turn bearish after failing to break above the resistance. The cryptocurrency is suffering from a lack of buyers. A bear pressure will push the token down, and it’s time to sell.

Source link

Post Views:


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.