Dogecoin is facing increased selling pressure, reversing at a critical resistance level. The token is exhibiting an emerging downtrend, which may lead to the $0.090 support level. The $0.074 support level is also critical, as failure to hold through this point could lead to a downtrend towards the $0.074 zone.
Currently, DOGE is trading at $0.09716, with a 24-hour trading volume of $1.00 billion and a market capitalization of $16.44 billion, representing 0.71% of the total cryptocurrency market capitalization. Over the past day, DOGE has dropped by 2.66%, reflecting recent price pressure.
Dogecoin Could Test $0.074 If Key Support Breaks
According to a recent post by crypto analyst Ali Marteniz highlighted that if the price of Dogecoin dips below $0.096, it may eventually head towards the next major support level of $0.074. Therefore, investors should keep an eye on the price as it may significantly impact the future of the Dogecoin market.
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Dogecoin Faces Resistance Near $0.116 Zone
Dogecoin has recently shown a good bounce back from a major resistance zone near the $0.116 price level. DOGE has dipped below the former support of December, the upper daily Bollinger Band, and the 50% Fibonacci retracement of the January price drop.
Therefore, DOGE has shown a Dark Cloud Cover pattern on the daily chart, which may result in a downward price move for Dogecoin in the coming days.
If the price of DOGE continues to dip further, it may head towards the next major support level of $0.090. If the price of DOGE dips below the $0.096 price level, it may head towards the next major support level of $0.074, which may be a crucial price level for Dogecoin in the next days.
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