According to the analysis, Dogecoin price is sliding down and forming a bearish channel. DOGE price dropped below $0.26 and Dogecoin continues to decline. According to the analyst, in Dogecoin’s downward movement, the bears seem to have broken the initial support. Detail cryptocoin.com‘in.
How far is the Dogecoin fix?
Dogecoin (DOGE) is under pressure due to the emergence of bears. The price continues its downward move, leaving the $0.27 monthly pivot behind. DOGE price is falling because apart from a single moving average, there are no solid support levels to slow its decline. According to analyst Filip L., another breakout could accelerate the correction by another 20% towards $0.20. The bulls tried their last attempt to break the monthly pivot at $0.28 but failed and DOGE price already corrected 10% earlier this week. The 55-day Simple Moving Average of $0.25 appears to be trying to stop the selling pressure, but as it stands alone without any further support, it is not expected to slow down sales. According to the analyst, there is no real entry point for the bulls to reverse course.
It looks like a bearish trend channel is forming in DOGE price. According to the analyst, this may start to accelerate the downward movements even more. On the downside, the green and red trend lines are forming an intersection around $0.23, which is currently the only key support in the immediate vicinity. If this intersection breaks and sees the bears push DOGE price below the red descending trendline, expect losses to accelerate by 20% towards $0.20-0.19. This area holds the monthly S1 support level and the September low; this should give the bulls an excellent incentive to buy some DOGE as the price will be trading at a decent discount.
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