Dogecoin Price Prediction As The Bulls Lose Momentum

DOGE to USD pair tanked 2.75% on Tuesday as the Bitcoin price dropped to fresh weekly lows. This negative Dogecoin price action could be attributed to strong profit-taking by the short-term traders as well as the flow of capital to the tech stocks, which were up today.

As a result, the DOGE price was up 3.04% as the biggest memecoin by the market capitalization extended its weekly loss. In addition, the recent breakout from the downtrend is hanging by a thread as the selling pressure keeps increasing.

Dogecoin also slid against the bitcoin as the DOGE/BTC pair was down 0.98% till press time. This showed that the traders dumped the leading memecoin for Bitcoin on the crypto exchanges.

DOGE Technical Analysis

Technical analysis of DOGE chart is pretty straightforward. After a breakout from the downward trendline, the price has fallen back into the downtrend. However, the daily candle is yet to close below the trendline and bulls still have a few hours to step in.

A breakdown below $0.068 will be very bearish for the Dogecoin price as this level lies at the 200 MA on the daily chart.