TL;DR Breakdown
- Dogecoin has decrease by half of its value in the month of June alone.
- There is hardly any green candle in the charts and Bitcoin is barely holding it together.
- The coin has broken its 100-day moving average and moving towards 200-day MA.
The Crypto market has been in a very confusing condition recently. You can easily harm yourself if you try to disturb a crypto trader or investor. There is a significant hope of a reversal from the current situation to earn some profits.
Elon Musk, whose tweets make the world a topsy-turvy land, has been the driving factor of the rise of Dogecoin. But these days, Elon and Dogecoin followers are breaking down as there is barely any green in the market. DOGE has slipped more than half of its value in just June, from $0.42 to $0.195.
What do DOGE indicators say?
Chinese crackdown and power supply cut for mining activities has acted as fuel in the negatively impacted sentiments of the people who are panic selling their assets. There is no doubt that the crypto future is bright, but the current situation is forcing many traders to leave the market.
The month started great, but currently, it seems as DOGE is in an irreparable condition. On 21st June, after a big red candle, Dogecoin broke the 100-days moving average. It is slowly moving towards a 200-days moving average, which is not a good sign.
If DOGE manages to break the 200-days moving average, we can see a price plunge to $0.05, which is the year-low. However, this case is unconvincing, but this could be an irreversible loss for the currency and its believers if it happens.
After a green candle today, RSI is showing a level of 28.97. It shows a huge weakness and fear of valuations. Investors can, however, hold the currency for the long term if they are entering at this point. The current entering positions is a sign of hope for some profits in future.
As RSI is moving from an oversold zone to neutral zones, one can see some increase in the trading volume and buying actions currently, mainly the orders of long-term holders. If buying sentiment comes back to this coin for a short time, there’s a chance of DOGE retesting $0.28 levels.
