The cryptomarket’s slump intensified on Monday as US inflation data exceeded expectations. Over the last 24 hours, DOGE/USD has traded roughly 20% down, reaching intraday lows of $0.052. The meme cryptocurrency was trading at $0.054 and is set to mark the fourth consecutive day of losses. As the price of the meme coin fell at press time, Coinglass statistics showed that $5 million worth of DOGE was liquidated in less than 24 hours. Billy Markus, also known as “Shibetoshi Nakamoto,” the co-founder of Dogecoin, offers tips to cryptocurrency investors looking to buy dips during bear markets. He wrote: “What’s the best thing to invest in during a bear market?” The answer is always the same. yourself. learn marketable skills. It’s the easiest and cheapest time in history to learn stuff. The world is your oyster, or whatever that phrase is. Go forth!”
Key Levels
Resistance Levels: $0.090, $0.080, $0.065
Support Levels: $0.05, $0.025, $0.011
DOGE/USD Daily ChartThe subsequent decrease in DOGE/USD is anticipated to find excellent support and draw buyers around the $0.050 horizontal support as the relative strength index (RSI) goes into the oversold region, according to the daily chart’s technical trend. The sell-offs could speed up a rebound towards $0.090, although it’s more likely to be capped at the $0.080 confluence zone.
A persistent breach below, on the other hand, would be interpreted as early symptoms of sustained bearishness, leaving the pair exposed to additional drops, potentially challenging the crucial $0.025 levels. At or near the $0.05 level, traders might keep a close eye on the low signs. A prolonged breakout, on the other hand, might have long-term bearish implications.
Despite the rejection from the $0.080 confluence regions, DOGE/USD’s corrective downward could extend to a new low beneath the $0.05 region before reaching the $0.025 contention area. The DOGE/USD intraday bias remains in a bearish situation as selling beneath the moving average (MA 50) at the $0.08 level continues.
On the optimistic side, a break of the $0.065 immediate resistance level might confirm that the selling from the $0.08 level has ended before the support at $0.05. A further rise is expected to retest the $0.08 high level. Meanwhile, a break of the $0.05 support level might sustain the negative bias, extending the fall and triggering a new dropping phase.
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