Like the remainder of the cryptocurrencies, Dogecoin had seen a painful month in May, experiencing a fast decline in its DOGE valuation. Can Elon Musk save his favourite cryptocurrency with the worth at crucial assist?
Key Support 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 May with its worth falling by over 60% from the highs recorded only a month earlier than. Now, DOGE is going through the 8 cents crucial assist. From the bullish aspect, the important thing resistance lies at 11 cents, nonetheless, this degree appears fairly far-off proper now.
Technical Indicators
Trading Volume: The quantity closed within the inexperienced over the previous two days, however now the worth motion turned pink once more. Despite the above, the buying and selling quantity remained low over the weekend.
RSI: The day by day RSI made the next low, however continues to be very near the oversold space. This is an indication of weak point so long as the RSI can not transfer larger.
MACD: The day by day MACD is bullish. However, purchase momentum is absent, which is mirrored within the histogram.
Bias
The bias for DOGE is bearish, whereas Dogecoin hopes for a greater month after the bloody May.
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