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Losing this level could see Dogecoin drop swiftly to $0.048
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
Dogecoin [DOGE] has been in a downtrend since November 2021. The downtrend has been interspersed with swift rallies of double-digit percentage gains. One such rally for DOGE in the past month, when DOGE climbed nearly 50% from the $0.059 low to reach the $0.087 high in August.
At press time, Dogecoin sat precariously in a demand zone. The longer timeframe market structure was bearish for Dogecoin, and Bitcoin showed weakness on the charts as well.
Source: DOGE/USDT on TradingView
The movement of Bitcoin always has a strong impact on the performance of altcoins. Dogecoin and similar meme coins have a tendency of popping off near the end of a Bitcoin rally and crash harder than Bitcoin.
This appeared to have happened in mid-August when BTC’s move to $24k topped out but DOGE still had the stead to push from $0.07 to $0.085.
At press time, DOGE traded at $0.062 and was within a zone of demand from July. Based on price action, a move to $0.07 appeared plausible.
The liquidity in the $0.06 pocket can be tested by another wick downward, but so long as the price does not close a daily session below $0.057, there was a chance of a move upward.
This idea gains some credibility when we consider the fact that July and a good part of August saw DOGE range between $0.063 and $0.07.
Yet, Bitcoin faces stiff resistance at $20.4k and $20.8k. If BTC can climb past these levels, Dogecoin might be able to gather the impetus for a move upward.
Source: DOGE/USDT on TradingView
The indicators showed some bearish bias for DOGE. The Relative Strength Index (RSI) slipped beneath neutral 50 in the past two weeks, to highlight
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