Dogecoin continues to trade with negative market sentiment and slides from the previous week’s support below $0.0032. With an intraday pullback, DOGE, which is believed to have a concurrent momentum to that of the largest cryptocurrency, Bitcoin, is currently trading at $0.00317, while the latter retrieves to trade above $19k. Even though Bitcoin is trading in the green, the major altcoins are trading in red and reflect an opposite momentum.
Dogecoin price trades below $0.0035 but leaves behind major altcoins like Zilliqa, Ontology, and Algorand after all, the 4 draw a bearish trend line due to loss of traction against the US Dollar.
Dogecoin Price Analysis
Dogecoin’s YTD price movement on the daily chart is below the 50.0% fib level, and with a bearish candlewick, it is inclined towards the lower band and is close to testing MA50 support at $0.00304 followed by MA200 lying at $0.00294.
Dogecoin pulled back as much as 30% from the lower high of $0.00429 to the weekly supports of $0.0030 that it tested at the onset of the ongoing month. However, Dogecoin price failed to reclaim the lost YTD high this time when it regained the momentum just when BTC was as close as $19.9k and a pinch away to trade above its ATH of $20k.
Dogecoin’s 3-hourly movement on the past 6-week chart against the US Dollar confirms the negative sentiment after a slight uptrend. The MACD indicator shows a bearish crossover, and the RSI is also sliding to incline towards the oversold zone and lies at 45.09.