The cryptomeme Dogecoin (DOGE) continues to lose, shrouded in a short-term bearish trend that gives no respite, look at this technical analysis to find out where it is headed.
At the time of writing this currency is trading at $0.1721, accumulating a loss of 4.48% in the last 24 hours and 20.56% in the last 7 days.
Looks like the dog-named cryptocurrency rush is over.
Elon Musk, Doge’s main promoter, almost completely forgot her. Now he seems to have a new daughter, and it is the new Baby DOGE, which after a single tweet managed to catapult in more than 100% its price.
An hour before this tweet, Elon posted a similar one, with the iconic image of Marlon Brando taken from the film The Godfather, saying: Free the Doge!
And although this tweet could refer to the largest cryptomeme, apparently its power of influence is no longer the same, as we saw how the fall of DOGE even accentuated.
DOGE technical analysis: Daily chart
The cryptomeme rush is over for now. The continuous succession of lower and lower lows and highs observed on the daily chart does not confirm them.
The short-term trend is clearly bearish, and at the moment there is no sign of a reversal.
However, we can clearly notice how the bearish volume is much less relevant than the rise of previous months, which tells us that buyers might surprise us.
When we perform a technical analysis of the DOGE vs USD daily chart, we notice how the price is being continuously defended in a large support area.
It is possible that we will see a significant upturn in the short term from the area where it is located. You can look for $0.26 as your first goal. Above the next relevant resistance is at $0.41.
One confirmation that this could happen is to traverse the downward diagonal resistance that I frame in the chart below.
For now we may see some more losses within the area where the price is. DOGE’s price should keep support at $ 0.13 if it wants to avoid major losses. If lost, the land would be cleared up to $ 0.07.
Dominant bullish force can still give some more emotions
Doing a weekly graphical technical analysis, we see how there is a fairly dominant bullish force, which led the price to a surprising all-time high in the past month of May.
This previous trend may cause Dogecoin to pick up. However, already at the point where you are, expecting too large profits is quite risky.
Even so, should the bull market continue, it would not be unreasonable to see a major rebound of this currency.
Even if the bear market has already started, the price of DOGE is in a good place to initiate a relevant upward correction.
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