{"id":554370,"date":"2023-10-06T12:00:56","date_gmt":"2023-10-06T12:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=554370"},"modified":"2023-10-06T10:43:42","modified_gmt":"2023-10-06T10:43:42","slug":"dogecoin-under-pressure-doge-below-0-06","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin-under-pressure-doge-below-0-06\/","title":{"rendered":"Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06?"},"content":{"rendered":"

Dogecoin (DOGE) finds itself at a critical juncture. The $0.06 support level, a longstanding stronghold for buyers since early June, now faces increasing selling pressure that could potentially send DOGE sinking below this key level.\u00a0<\/span><\/p>\n

Support and resistance zones, like the $0.06 mark, are pivotal in assessing the direction of price movements in the crypto world, as they often dictate the market sentiment.<\/span><\/p>\n

In recent months, DOGE has weathered a bearish trend, but this vital support level has managed to hold firm and mitigate the extent of the downtrend. Nevertheless, multiple retests of the support zone have raised concerns about DOGE\u2019s weakening structure, signaling an opportunity for bears to capitalize on the situation.<\/span><\/p>\n

Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin?<\/a><\/div>\n

Dogecoin Price And Technical Indicators<\/strong><\/h2>\n

As of the latest data from <\/span>CoinGecko<\/span><\/a>, DOGE is currently trading at $0.061140, showing a modest 0.4% gain over the last 24 hours but a 1.2% dip over the past seven days. Two technical indicators, the On Balance Volume (OBV) and the Relative Strength Index (RSI), provide further insight into the market’s dynamics.<\/span><\/p>\n

The OBV, which had been on an uptrend in October, has recently exhibited a drop in trading volume. This decline suggests that selling pressure has intensified in the past few hours, causing concern among investors.<\/span><\/p>\n

<\/p>\n

DOGE reached a market cap $8.6 billion today. Chart: TradingView.com<\/a><\/pre>\n

The RSI, another crucial indicator, has dipped below the neutral 50 level, reaffirming the presence of selling pressure. These developments put DOGE at a pivotal crossroads, with both short-term bullish and bearish scenarios in play.<\/span><\/p>\n

According to a <\/span>price report<\/span>, if buyers can successfully defend the $0.06 support level, DOGE could see a short-term target range of $0.064 to $0.067. However, if sellers manage to breach this critical support, their near-term target becomes $0.055, potentially deepening the bearish sentiment.<\/span><\/p>\n

Market Volatility Vs. Derivatives Trading<\/strong><\/h2>\n

In addition to the price fluctuations, the Dogecoin market has been marked by considerable volatility lately. Yet, despite the turbulence, new derivatives traders have remained conspicuously absent.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Source: Coinalyze<\/pre>\n

DOGE’s futures Open Interest<\/span><\/a> (OI) has been hovering in the $232 million to $222 million range for the past week. Typically, rising open interest indicates an influx of new capital into the market, which often solidifies prevailing trends. However, the current trend suggests trader indifference, possibly due to the uncertainty surrounding DOGE’s immediate future.<\/span><\/p>\n

Related Reading: Assessing Cardano\u2019s Struggles: Will Key Support Levels Halt The Decline Above $0.27?<\/a><\/div>\n

Traders should closely monitor whether the current key support can withstand the pressure, and the OBV and RSI indicators provide essential insights into the evolving market dynamics. The next few days will be crucial in determining whether DOGE can regain its bullish momentum or succumb to further bearish pressure.<\/span><\/p>\n

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n

Featured image from <\/span>Tuttnauer<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Dogecoin (DOGE) finds itself at a critical juncture. The $0.06 support level, a longstanding stronghold for buyers since early June, now faces increasing selling pressure that could potentially send DOGE sinking below this key level.\u00a0 Support and resistance zones, like the $0.06 mark, are pivotal in assessing the direction of price movements in the crypto world, as they often dictate the market sentiment. In recent months, DOGE has weathered a bearish trend, but this vital support level has managed to hold firm and mitigate the extent of the downtrend. Nevertheless, multiple retests of the support zone have raised concerns about DOGE\u2019s weakening structure, signaling an opportunity for bears to capitalize on the situation. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? Dogecoin Price And Technical Indicators As of the latest data from CoinGecko, DOGE is currently trading at $0.061140, showing a modest 0.4% gain over the last 24 hours but a 1.2% dip over the past seven days. Two technical indicators, the On Balance Volume (OBV) and the Relative Strength Index (RSI), provide further insight into the market’s dynamics. The OBV, which had been on an uptrend in October, has recently exhibited a drop in trading volume. This decline suggests that selling pressure has intensified in the past few hours, causing concern among investors. DOGE reached a market cap $8.6 billion today. Chart: TradingView.com The RSI, another crucial indicator, has dipped below the neutral 50 level, reaffirming the presence of selling pressure. These developments put DOGE at a pivotal crossroads, with both short-term bullish and bearish scenarios in play. According to a price report, if buyers can successfully defend the $0.06 support level, DOGE could see a short-term target range of $0.064 to $0.067. However, if sellers manage to breach this critical support, their near-term target becomes $0.055, potentially deepening the bearish sentiment. Market Volatility Vs. Derivatives Trading In addition to the price fluctuations, the Dogecoin market has been marked by considerable volatility lately. Yet, despite the turbulence, new derivatives traders have remained conspicuously absent.\u00a0 Source: Coinalyze DOGE’s futures Open Interest (OI) has been hovering in the $232 million to $222 million range for the past week. Typically, rising open interest indicates an influx of new capital into the market, which often solidifies prevailing trends. However, the current trend suggests trader indifference, possibly due to the uncertainty surrounding DOGE’s immediate future. Related Reading: Assessing Cardano\u2019s Struggles: Will Key Support Levels Halt The Decline Above $0.27? Traders should closely monitor whether the current key support can withstand the pressure, and the OBV and RSI indicators provide essential insights into the evolving market dynamics. The next few days will be crucial in determining whether DOGE can regain its bullish momentum or succumb to further bearish pressure. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Tuttnauer<\/p>\n","protected":false},"author":557,"featured_media":554378,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,85675,7,8686,83767,4735],"class_list":["post-554370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-doge-price","tag-dogecoin","tag-ethusd","tag-meme-coins","tag-price-action"],"acf":[],"yoast_head":"\nDogecoin: Will Bearish Momentum Push It Below $0.06?<\/title>\n<meta name=\"description\" content=\"Dogecoin (DOGE) finds itself at a critical juncture. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06?","url":"http:\/\/wncen.com\/news\/dogecoin-under-pressure-doge-below-0-06\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/dogecoin-under-pressure-doge-below-0-06\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-27.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-27.png?fit=763%2C448"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["btcusd","doge price","dogecoin","ethusd","meme coins","price action"],"dateCreated":"2023-10-06T12:00:56Z","datePublished":"2023-10-06T12:00:56Z","dateModified":"2023-10-06T12:00:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin-under-pressure-doge-below-0-06\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin-under-pressure-doge-below-0-06\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-27.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-27.png?fit=763%2C448\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"btcusd\",\"doge price\",\"dogecoin\",\"ethusd\",\"meme coins\",\"price action\"],\"dateCreated\":\"2023-10-06T12:00:56Z\",\"datePublished\":\"2023-10-06T12:00:56Z\",\"dateModified\":\"2023-10-06T12:00:56Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-27.png?fit=763%2C448","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554370"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=554370"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/554378"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=554370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=554370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=554370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}