Despite Elon Musk’s Recent Tweets, DOGE At Critical Support

Despite Elon Musk's Recent Tweets, DOGE At Critical Support

Like other cryptocurrencies, Dogecoin had a painful month in May, with its DOGE valuation dropping rapidly. Can Elon Musk rescue his favorite cryptocurrency at the price of key support?

Key Support Level: $0.08

Key Resistance: $0.11

DOGE had a positive month in April, but all of that came to an abrupt halt in May, when its price fell more than 60% from its highs a month earlier. Now, DOGE is facing key support at 8 cents. From a bullish standpoint, key resistance lies at 11 cents, however, this level seems far away for now.

TradingView Chart

Technical indicators

Volume: Volume has closed in green for the past two days, but now price action is turning red again. Still, trading volumes were low over the weekend.

RSI: The daily RSI made higher lows but continues to be very close to oversold territory. As long as the RSI cannot move higher, this is a sign of weakness.

MACD: The daily MACD is bullish. However, there is no buying momentum, which is reflected in the histogram.

TradingView Chart


The bias against DOGE is bearish, and Dogecoin is hoping for a better month after a bloody May.

Special Offer (Sponsored)
Binance Free $100 (Exclusive): Use this link to sign up and get $100 for free and a 10% fee discount on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to get a deposit of up to $7,000.

Disclaimer: The information found on CryptoPotato is that of the cited author. It does not represent an opinion of CryptoPotato as to whether to buy, sell or hold any investment. It is recommended that you do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for details.

Cryptocurrency charts from TradingView.

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.