Dogecoin price is falling below the $0.18 key value area and failing to hold $0.18 could spell disaster. Key resistance levels continue to drop and fail to respond to any upside momentum. The early Saturday morning crypto crash sent Dogecoin in free fall below key support, but much of that crash has also been recovered. As a result, DOGE still threatens to return to single digits. Details cryptocoin.com‘in.
Overview for Dogecoin
Dogecoin price has dropped over 40%. Doge price has been trading below weekly Tenkan-Sen and Kijun-Sen for the past five weeks. During this time, it tested the primary support level at $0.18 several times, but the sellers failed to take the final step to push Dogecoin off the cliff. As time passed, near-term Ichimoku levels got closer and lower. According to analyst Jonathan Morgan, the higher path for Dogecoin is extremely difficult and will have a long wait in front of buyers willing to wait for a conservative entry.
A conservative buy entry is at the $0.27 price level. If the Doge has a weekly candlestick at $0.27 or above, it means that it has closed above the weekly Tenkan-Sen, Kijun-Sen and 2021 Volume Control Point. The Chikou Span will still be below the candlesticks, but a close at or above $0.27 will start the bullish process. Dogecoin price would need to close at at least $0.39 to fulfill all the requirements of the ideal Bullish Ichimoku Breakout entry. While this may seem like a significant distance, Dogecoin has made much bigger moves than it has in the past.
According to the analyst, downside risks remain. The large, long, red rectangle in the graph represents the thinnest part of the 2021 Volume Profile. If Dogecoin has a daily or weekly candlestick below the $0.175 price level, a flash crash to the next high volume node at $0.08 is very likely.
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