In the past few days, the bulls had been trying really hard to push Dogecoin’s trading price to a higher trading market. However, the situation did not work in favor of the bulls and the trend has continued moving in the negative direction.
Bearish Movement of DOGE
The trading price of DOGE experienced a major slump on September 25 as its price came all the way down to a low of $0.06.
On September 25, the trading price of DOGE fell to $0.06. Although the bulls tried hard to move the price of DOGE in the upward direction, their efforts were canceled by the bears.
The bulls made an attempt to push DOGE’s price higher but their buying spree was canceled by the bears. On September 27, the bears fully took down the bulls and canceled their bullish attempt for good.
DOGE’s Technical Indicator
The technical indicator shows that the RSI for DOGE is moving in negative territory. However, it is a bit lower than the midpoint. This means that DOGE is expecting a downtrend and is leaning toward the bearish side.
However, the trading price of DOGE is showing a balance where the supply and demand are in the same order.
As the RSI is in the negative zone, it suggests that the trading price of DOGE would move into the bearish zone. If the bears manage to muster up enough force, then the trading price of DOGE may move in the lower direction.
DOGE’s Pull to $0.04
In this particular case, the trading price of DOGE may fall to a low of $0.05. This would trigger another selling spree and may see the price of DOGE fall to an even lower level.
As the selling spree keeps gaining momentum, then more sellers would join the cause. This would mean that the price of DOGE may continue falling.
As a result, the trading price of DOGE may fall to a low of $0.04.
DOGE’s Push to $0.07
For now, there is no positive going in favor of DOGE that would push its price higher. The only positive DOGE had, for now, was Elon Musk’s support for DOGE but its impact is fading again.
As of now, there is no positive factor that may trigger a rally in favor of DOGE. However, if positive factors do kick in, then the trading price of DOGE may get pushed to a higher level.
Given the current circumstances, the trading price of DOGE may find strong support at $0.06 (50-day SMA). From there, the trading price of DOGE may gain the opportunity of getting pushed to a high of $0.07.