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


Like the remainder of the cryptocurrencies, Dogecoin had seen a painful month in Might, experiencing a speedy decline in its DOGE valuation. Can Elon Musk save his favourite cryptocurrency with the worth at essential help?

Key Assist ranges: $0.08

Key Resistance ranges: $0.11

DOGE had a optimistic month in April, however all of this got here to an abrupt cease in Might with its value falling by over 60% from the highs recorded only a month earlier than. Now, DOGE is going through the 8 cents essential help. From the bullish facet, the important thing resistance lies at 11 cents, nevertheless, this degree appears fairly far-off proper now.

Chart by TradingView

Technical Indicators

Buying and selling Quantity: The quantity closed within the inexperienced over the previous two days, however now the worth motion turned purple once more. Regardless of the above, the buying and selling quantity remained low over the weekend.

RSI: The each day RSI made a better low, however continues to be very near the oversold space. This can be a signal of weak point so long as the RSI can not transfer increased.

MACD: The each day MACD is bullish. Nevertheless, purchase momentum is absent, which is mirrored within the histogram.

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

Bias

The bias for DOGE is bearish, whereas Dogecoin hopes for a greater month after the bloody Might.

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Cryptocurrency charts by TradingView.



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