Dogecoin Is in a Fresh Downtrend, Poises to Revisit the $.21 Low

May 30, 2021 at 08:23 // News

As the downtrend resumes, then the bears may want to push DOGE price to the lows

On May 29, 2021, Dogecoin (DOGE) rate was in yet another downtrend. Now the token is in trade at the degree of $.30 at the time of creating.

Dogecoin (DOGE) Price tag Prolonged-time period Prediction: Bullish

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Pursuing the final bearish impulse previous 7 days buyers and sellers have been in cost tussle between $.28 and $.38. Consumers attempted to thrust the DOGE value above the transferring averages but ended up repelled. The bulls were turned down at $.36 and $.38 resistance which caused the altcoin to resume advertising tension. As the downtrend resumes, then the bears may well want to drive DOGE selling price to the lows of possibly $.24 or $.21. &#13

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In the earlier price tag action, the current market fell to these lows but the bulls bought the dips. On May possibly 20, DOGE price tag corrected upward but was resisted at $.44. This plunged the altcoin to a $.24 lower. All over again, the bulls bought the dips as the cost corrected upward to $.38. Dogecoin continued its downward correction prior to the previous rejection at $.36. &#13

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Dogecoin (DOGE) Indicator Reading 

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Now the DOGE/USD pair value has broken down below the 21-day and 50-working day SMAs which counsel a further more downward motion of the charges. Dogecoin is under the 40% range of the each day stochastic. This indicates that the industry has bearish momentum. The 21-working day SMA and 50-working day SMAs are sloping downward.&#13

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DOGE_-_COINIDOL,_May_29.png
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Technical indicators:  

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Major Resistance Amounts – $.80 and $.85 &#13

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Major Aid Stages – $.45 and $.40
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What is the following route for Dogecoin (DOGE)?

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Dogecoin has resumed a new downtrend as selling price breaks under the shifting averages. The downtrend on May 10 with a retraced candle physique analyzed the 61.8 % Fibonacci retracement level signifies that the altcoin will fall to stage 1.618 Fibonacci extension or stage $.18. &#13

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DOGE_-_COINIDOL_2_CHART,_May_29.png
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Disclaimer. This assessment and forecast are the author’s personal thoughts, are not a recommendation to invest in or sell cryptocurrency and need to not be considered as an endorsement by Coin Idol. Visitors really should do their personal analysis in advance of investing resources.&#13

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