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.