Dogecoin Is Going to Zero as Crypto Whales Move onto This New Trending Meme Coin – How to Buy Early?
The Dogecoin price is gaining 1.11% so far today to trade at $0.06546, but the uptick is likely little more than a temporary reprieve for battered bulls.
Momentum remains firmly in the bears' favor after last week's failed breakout attempt above $0.06907 on June 23.
As the Dogecoin price is still struggling to regain momentum, most indicators point to Dogecoin extending its multi-day slide, despite the small price increase.
The 20-day EMA is at $0.06556, acting as immediate resistance for the price, while the 50-day EMA at $0.06879 and the 100-day EMA at $0.07262 further suggest a bearish trend.
The RSI currently stands at 47.54, up slightly from yesterday's 45.24. However, the meme coin remains in a bearish market as the RSI is still below 50.
The MACD histogram, a useful tool for identifying potential trend reversals, stands at 0.00069, down from yesterday's 0.00076.
The decrease in MACD implies that the bearish momentum might continue for the Dogecoin price.
The meme coin's market cap has increased by 1.02% to $9 billion, while its 24-hour trading volume is up by 4.91% to $246 million.
Although both figures are positive, they are not strong enough to suggest a bullish reversal.
The immediate resistance for the Dogecoin price is the 20-day EMA, followed by the 50-day EMA in confluence with the Fib 0.382 level at $0.06907.
The Dogecoin price is currently grappling with bearish technical indicators. Traders are advised to exercise caution and keep an eye on price movements as well as critical support and resistance levels.
A definitive break above the mentioned resistance levels could signal a trend reversal. However, until such a break occurs, bears are expected to maintain their dominance.
While Dogecoin struggles to regain its
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