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Sunday, September 26, 2021

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Sudden Crash of Dogecoin Defies Support

Dogecoin has slid towards significant medium-term support and traders will have to decide on their short-term outlook.


The DOGE / USD slid yesterday towards a major medium medium term with a quick dose of momentum to the downside. After essentially breaking the $ 0.30 barrier to the downside yesterday, DOGE / USD quickly saw the $ 0.26 juncture at stake. At the time of writing this article, Dogecoin is around $ 0.25.5 and fast market conditions remain, meaning speculators should be prepared for a volatility additional today. The increased velocity within DOGE / USD should serve as a warning sign for traders. traders, and it is necessary to use decision-making tactics risk.

The $ 0.25 ratio can prove quite important if challenged in the short term. DOGE / USD is currently next to the support levels last seen on August 12, and further erosion towards a “pure” mark of $ 0.25 could indicate that the $ 0.24 level and perhaps lower could appear quite a bit. abrupt. On August 9, the DOGE / USD was traversing $ 0.23 to $ 0.26. It should be noted that on August 5, the DOGE / USD was trading slightly below $ 0.20.

As the DOGE / USD tests the one-month lows, some speculators may believe that the cryptocurrency it has been oversold as a reaction to nervousness displayed within the vast digital marketplace. However, it should be noted that Dogecoin’s downside spike actually started a bit before its major counterparts were hit hard. Meanwhile he graphic of five days shows a gap Dramatic in the market, the sell between $ 0.30 and $ 0.26 was evident early yesterday.

The volumes of trading they were relatively high as DOGE / USD moved lower yesterday. What should make speculative Bulls hesitate before jumping into buy positions is that there has not been a dramatic reversal to the upside, and there’s the fact that Dogecoin never challenged its lush highs seen just a handful of months ago. , this like other major cryptocurrencies have come within walking distance of those highs the last couple of weeks on occasion.

As always, the DOGE / USD remains extremely speculative. This headwind that emerged yesterday cannot be easily shrugged, and further selling pressure could be demonstrated within the cryptocurrency. Speculators who are tempted to sell DOGE / USD should use a stop loss suitable for guarding against sudden pullbacks to the upside. Nonetheless, the DOGE / USD sell seems to be a logical short-term speculative position for traders who have the emotional stamina to bet on more downside price action.

Dogecoin Short-Term Forecast:

  • Current Resistance: 0.26350000
  • Current Support: 0.25020000
  • High Target: 0.27250000
  • Low Target: 0.23240000

DOGE / USD Technical Analysis

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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