Dogecoin [DOGE] struggling to hold $0.24 support barrier

Dogecoin [DOGE] was ousted by Solana [SOL] to the eighth position. The meme-coin hasn’t been in the spotlight lately. After an impressive run-up this summer, the crypto-assets price action over the past few weeks has paled in comparison with other altcoins in the top 10 leaderboards. Despite reversing all the gains and posting a weekly loss of 12.34%, the volatility in the DOGE market has picked up.

Over the past 24-hours, Dogecoin [DOGE] was down by 12.91%, which drove its value to $0.247. At the time of writing, the digital asset held a market cap of $32.17 billion and a 24-hour trading volume of $5.95 billion.

Dogecoin [DOGE] Daily Price Chart:

The low volume has failed to back the uptrend. As a result, Dogecoin [DOGE] underwent a period of sideways trading before the September 7 fall. Following the flash crash, the token was back to levels last seen in the first week of August. Following the drop, the DOGE price candles slid below the 50 [Pink] and the 100 [Blue] moving averages that appeared, which were approaching a potential bullish crossover. The 200 DMA [Yellow], on the other hand, appeared to be resting below them, supporting the price from a further damaging turn of events.

The technicals on Dogecoin’s daily chart did not look very promising. The dotted markers of Parabolic SAR shifted below the DOGE price candles, indicating a bearish trend. Additionally, the Klinger Oscillator [KO] also suffered a bearish cross and flashed red. A similar sentiment was demonstrated by the Relative Strength Index [RSI] that fell below 40-level for the first time since August, signaling the rising dominance of sellers in the coin market.

If the 200 DMA manages to provide firm support to the Dogecoin’s price within the demand zone ranging from $0.262 to $0.281, buying pressure may revive in the market. Upward price action in case of a bullish reversal could set the stage for $0.331, $0.424, and $0.559. However, a breach of the current level threatens a wider sell-off to the lows of $0.171 and the subsequent $0.05 respectively.

Chayanika Deka: Chayanika is a full-time journalist at TronWeekly with over two years of experience. A graduate in Political Science and Journalism, she focuses on the political and financial impact of cryptocurrency and blockchain developments.