The price of Dogecoin held a simple 50-day moving average (SMA) when the cryptocurrency market pushed lower.
A closed one more than the importance of the new interest will again be re-selected visually negative.
DOGE displays a doji candlestick on the monthly chart that marks the trader's decision.
The Dogecoin price returned the 50-day SMA on May 19 unlike most other cryptocurrencies. The middle of the drop line has been strengthened to provide support. Towards the last week of May, the DOGE can continue to jump to its current level, but in a market that is over-selling, the path will not be profitable.
Dogecoin price adjustment policy needs more than just media
From the peak of May 8 to May 19, the price of Dogecoin collapsed by more than 70%, making it the largest market for a cryptocurrency during this period. On May 19, DOGE fell by 60%, the biggest drop during the crash, before jumping 70% at closing.
The fall of the dogecoin price passed support in the lower line of the bearish channel at $ 0.265, 78.6% Fibonacci retracement of the rally from April 23 to May 18 of $ 0.269 and the bulk price defined by the various reductions in April. between $ 0.225 and $ 0.250.
Today, the price of Dogecoin, in line with Bitcoin, is trading at around 11% at the time of writing, indicating an increase in relative strength compared to most cryptocurrencies. cover. However, as evidenced on May 19, DOGE is a risk factor for exchange rate fluctuations in times of economic impact. It will make no difference in the future, especially given the growing number of traders trading in meme-based tokens.
Due to the most bearish bias in the crypto market, the short-term Dogecoin price forecast is still negative. Support is currently extended to the 50-day SMA at $ 0.319 and the channel average around $ 0.320. The new rush for sale will attempt a quick 78.6% retracement to $ 0.269 before seeing a rally in the channel’s lowest lows with the previously mentioned $ 0.243 price range.
A further increase in Dogecoin weakness will target $ 0.195 on May 19 and potentially $ 0.135 on April 23.
Daily picture DOGE / USD
DOGE strength combined solutions need to close the daily round high of the key line of $ 0.461. The futures level is on May 14 with $ 0.604 and the upper range with $ 0.943.
DOGE is a unique investment venture due to the continued support of reputable clients through competitive platform. Beinshte shows that a simple tweet can catapult a Dogecoin rate of more than 20% in minutes. In this new setting created by the May 19 crash combined with the candlestick doji decision on the monthly chart, DOGE traders need more than one tweet to touch win the current challenge.
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