Is Dogecoin Playing Dead? Here's What You Need To Know As It Slides Lower Alongside Ethereum And Litecoin

Dogecoin DOGE/USD shares are trading significantly lower Monday as the crypto market is seeing a large dip. Dogecoin is just one of many cryptos, such as Ethereum ETH/USD and Litecoin LTC/USD, taking over a 10% hit at some point today.

Dogecoin was down 8.44% at $0.1555 at publication Monday afternoon.

See Related: If Dogecoin Continues On The Pace It's At, Traders Will Be Rolling Over In Joy

Dogecoin Daily Chart Analysis

  • After falling below the higher low trendline, Doge took a bigger dip and has fallen to support. The next few days will be key to see if the $0.15 level can hold as support again. If able to hold as support, the crypto may not find strong resistance until it reaches the $0.35 level.
  • The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue). This shows the crypto is trading with bearish sentiment and each of these moving averages may hold as an area of resistance in the future.
  • The Relative Strength Index (RSI) has been fading lower the past month and now sits at 27. This RSI sits in the oversold zone showing the crypto is seeing much more selling pressure than buying pressure.

What’s Next For Dogecoin?

Dogecoin fell below the higher low trendline and the moving averages. This possibly hints that crypto has seen a change in trend and sentiment throughout the past couple of weeks. Bulls need to see the crypto hold above the $0.15 level as this has been a strong area of support before. If unable to hold above this level, Dogecoin may see the bearish movement continue for a time. Bears are hoping this $0.15 level will hold as resistance and the price will continue to fall further.

Photo by Executium on Unsplash

Posted In: CryptocurrencyLong IdeasNewsShort IdeasTechnicalsMarketsMoversTrading Ideas

Get ready to uncover the secrets of decentralized finance and security in the crypto market with Crypto Unlocked , Benzinga's new virtual crypto event series. Don't miss out on this opportunity to learn from the experts and connect with fellow crypto enthusiasts — subscribe and turn on notifications for Crypto Unlocked on YouTube today !