Evanwinter_trade

Dogecoin Technical Analysis

BITFINEX:DOGEUSD   DOGE / Dollar
The daily chart points out two important factors that have shaped the price narrative recently.

The first is a descending trend from the 7th of June, exerting downside pressure on the price. This is visible at $0.223 and coincidently aligns with a horizontal resistance level , which adds to the validity of this obstacle.

Secondly, the key 200 DMA below the price at $0.1753 was responsible for reversing the 22nd of June collapse. I would consider this the most important level for DOGE investors. If Dogecoin loses this support, there really isn’t much to stop it from dropping back to $0.0700, Around 65% below the latest price.

Therefore, the price must sustain this level. However, until DOGE clears the descending trend, a test of the 200 DMA looks probable. And for the bulls, I hope the price reacts as positively as it did on the last visit.

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