Is Dogecoin [DOGE] worth buying at this level? Answer might amaze you

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation.

Since swooping under the $0.19-mark in December final yr, Dogecoin [DOGE] has been on a constant promoting spree. This decline part led the dog-themed crypto to match its yearly lows in June. Since then, nevertheless, the patrons have been striving to reclaim crucial assist ranges.

In its earlier bull run, the meme coin breakout fixated its place above its ten-month trendline assist (white, dashed). The latest bearish pull from the Level of Management (POC, purple) has retested this trendline assist.

If it finds dependable rebounding grounds, DOGE may clinch a near-term rally earlier than persevering with its downtrend. At press time, DOGE was buying and selling at $0.0618, down by 3.35% within the final 24 hours.

DOGE Day by day Chart

Supply: TradingView, DOGE/USD

Whereas the bearish strain appeared to rekindle within the $0.08 zone, the resultant reversal pulled DOGE under its 20 EMA (purple) and the 50 (cyan).

The POC zone marked a conflict between the patrons and sellers, however the bearish engulfing candlestick made the bearish intentions fairly evident.

Given the empirical revival inclinations of the coin from its long-term trendline assist, the patrons would look to cease the continued bleeding. Any rebound from this zone may assist patrons take a look at the $0.068-zone earlier than probably reversing.

Nonetheless, a continued pull under the $0.061 mark would put DOGE ready to ebook additional losses. The sellers would goal to impress a pull towards the $0.056-zone earlier than a potential sluggish part.

Rationale

Supply: TradingView, DOGE/USD

The Relative Power Index (RSI) plunged under the 43-support to disclose a strong bearish edge. A continued trajectory under this mark would assist the near-term promoting efforts.

Additionally, the Superior Oscillator’s plunge under the zero mark resonated with the broader bearish outlook.

Curiously, the Quantity Oscillator was on a downtrend throughout the latest plunge on the chart. This studying depicted a barely weak bearish transfer. However the alt revealed a declining tendency in its directional development, as evidenced by the ADX.

Conclusion

DOGE stood at an necessary juncture at press time. If the patrons uphold the ten-month trendline assist, the coin may register near-term features. However the bearish crossover on the 20/50 EMA has reaffirmed the bearish strain and retains the medium-to-long-term prospects favorable for sellers. The targets would stay the identical as mentioned.

Lastly, the dog-themed coin shares a 71% 30-day correlation with the king coin. Thus, keeping track of Bitcoin’s motion would complement these technical elements.