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Dogecoin (DOGE) price fell below $0.12, continuing its seven-day decline. This situation has caused concern among DOGE investors, who hold the top spot among meme coins by market value. The significant selling pressure at the current price level also seems to negatively impact the situation.
Dogecoin Resistance and Support Levels
DOGE has experienced a 13.67% decline over the past seven days, causing continued investor anxiety. Data provided by leading market company IntoTheBlock also presents a similar outlook.
According to IntoTheBlock, the In/Out of the Money Around Price (IOMAP) indicates potential selling pressure at the $0.11 level.
The more addresses within a price range, the stronger the support or resistance at that level is considered. On the left side of DOGE’s price range (according to the above graph), 1.49 billion coins were purchased by 17,960 addresses, potentially preventing further price drops. Additionally, as shown above, 2.74 billion coins worth $300 million are currently held by 40,200 addresses on the right side.
This region is considered a significant resistance preventing a price recovery at the support level. If this level is not surpassed, DOGE may move to the next support levels between $0.10 and $0.09.
Will DOGE Rise?
Evaluating the daily chart indicates that the price drop for DOGE actually began on July 27, when it rose to $0.13 and above. The decline over this period represents a 17.55% drop.
On the other hand, the Exponential Moving Average (EMA) provides information about price potential. EMA is one of the leading indicators measuring trend direction over a specific period.
As of the time of writing, the 50 EMA (yellow) was above the 20 EMA (blue), indicating a downward trend.
If the situation continues, DOGE may continue to find buyers at the $0.11 level. However, selling pressure on Dogecoin could cause the price to drop to $0.09.
However, a golden cross formation could invalidate the entire downward outlook and shift DOGE’s trend upward. If this occurs, DOGE’s price could rise to $0.12 or $0.13.
