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

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


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.

Phemex
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.

DOGEUSDT_2022-05-29_12-38-38
TradingView Chart

bias

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

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Cryptocurrency charts from TradingView.



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