DOGE Technical Analysis: Panic And The Fall Continuation To $0.05
Table of contents
It should be understood that the sharp momentum of the fall of 9 May lowered the DOGE price by more than 40%. At the same time, the weekly trading volumes are not high. Buyers do not keep the price and do not put up much resistance in the big timeframe. Therefore, if buyers do not take control of the $0.1 range by the end of May, we will see the DOGE price continue to fall to the next $0.05 target.
Technical Analysis Of DOGE On The Daily Timeframe
Analyzing the DOGE price movement on the daily timeframe, you can see the beginning of the price slowdown near the mark of $0.077. Yes, during the panic sales, sellers managed to break this mark twice in two days. However, buyers buy DOGE in large quantities, not allowing sellers to take control. The trading volumes are similar to the volumes from 26 April. On this day, the reversal of the DOGE market began.
Though, even given the daily brake candles, high trading volumes, and an interesting liquidity range, buying DOGE now is quite risky. The fact is that the BTC price has updated local lows in June 2021. So far, buyers have not shown interest in returning the price within the global consolidation of $29,000-$26,000. While the DOGE price is below $0.1, the probability of continuing to fall with the next target of $0.05 is quite high. Therefore, if you take a risk and buy DOGE now - you should be ready to choose a position 40-50% lower.
The DOGEBTC Price Continues To Move In The Corrective Growth Channel
Oh, these protracted corrections… Starting from May 2021, the DOGEBTC price is moving in a clear correction channel of the fall. This channel is much slower than the growth trend until May 2021. However, buyers can not break the annoying fall wave. The last attempt of buyers to break the upper trend line of the red fall channel ended in a collapse of the DOGEBTC price by 30%. Sellers broke an important range of 0.000003. If sellers are not able to raise the DOGEBTC price above 0.000003 before the closing of the weekly candle on 9 May, we will expect the price to continue to fall to the lower limit of the fall channel.