Dogecoin (DOGE) had picked up the pace towards the end of June; however, the cryptocurrency was gripped by the bears and the bullish momentum was lost. Bearish momentum has been dominant in the market ever since and Dogecoin has been on a strong downtrend. The price movements in the daily timeframe indicates towards a reversal of the trend. In the past twenty-four hours, Dogecoin had been moving upwards – although the upside movement is minor currently – while the daily trading volume has declined by 10%. At the time of writing, Dogecoin stands at a price level of $0.19.
Dogecoin (DOGE) technical analysis
The recent upward move has not yet been translated into the technical for the cryptocurrency. The market outlook for Dogecoin continues to be bearish. Out of the total twenty-six technical indicators, fifteen are giving out a signal of sell with eight indicators standing at a neutral position and only three at buy. The oscillators are neutral while the moving averages still suggest a strong downtrend.
A trader’s analysis reveals a take on the upcoming price movements of Doge coin. Per the analysis, Dogecoin’s downtrend is not to last for too long. The cryptocurrency had formed somewhat of a coherent wave count. The current wave will lead DOGE crypto towards testing a crucial support level at $0.16. If Dogecoin stabilizes at the support level, a pullback to the upside can be expected which will help the cryptocurrency towards a price target of $0.27.
Dogefather’s full support for Dogecoin
The Doge-father – or the billionaire CEO Elon Musk – had been an ardent believer of the cryptocurrency. Musk has sent the cryptocurrency flying to the moon a couple of time and he is not stopping anytime soon. Musk had taken up with the development team of Dogecoin and has been working closely with them to make Dogecoin a global payment network. The support of Musk is crucial for Dogecoin and can result in a trend reversal.
