Dogecoin (CRYPTO: DOGE) is trading lower Monday in a relatively bearish cryptocurrency market where the majority of cryptos are also trading lower.
One crypto that has been doing the opposite of the market is Shiba Inu (CRYPTO: SHIB), which is trading up over 11% on the day.
Dogecoin was down 3.46% at $0.227262 at last check Monday afternoon.
Dogecoin Daily Chart Analysis
- Dogecoin has been moving sideways the past few months and has been unable to really get moving. The crypto trades in what technical traders call a sideways channel.
- The $0.45 has been an area where Dogecoin has previously found resistance and been unable to cross above. The $0.15 area is where the crypto has been able to bounce and hold as support previously. These levels may continue to hold as support and resistance in the future.
- The crypto is trading below both the 50-day moving average (green) and the 200-day moving average (blue) indicating the recent sentiment in the crypto has been bearish.
- Each of these moving averages may hold as a possible area of resistance in the future.
- The Relative Strength Index (RSI) has been falling the past few days and now sits at 47. This shows a presence of sellers entering into the crypto and now the crypto has more selling pressure than buying pressure overall.
What’s Next For Dogecoin?
Bullish traders are looking to see Dogecoin bounce and start to form higher lows. Bulls would then like to see the crypto head back up and try to break above the resistance level. If Dogecoin can see some consolidation above the $0.45 level, it may be ready for a further bullish move.
Bearish traders are looking to see Dogecoin keep falling lower and eventually fall below the $0.15 level. Bears would then like to see the crypto begin to hold the $0.15 level as resistance, possibly causing more bearish moves in the future.
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