When, after great achievements and glory, we begin to lose strength, one wants to believe that this phenomenon is temporary. But is it advisable to place hopes and support them financially? Last week, the DOGE cryptocurrency candle closed in favor of sellers and broke the global trend line down. Buyers have been keeping this trend line since March 2021. Trading volumes in the DOGE market are as low as possible, and it seems that investors have forgotten about this sensational cryptocurrency.
On the one hand, low volumes are a sign of market weakness. But, on the other hand, after breaking an important trend line down, we did not see the desire of investors to sell this cryptocurrency. As long as the $0.16-$0.18 range is under the control of buyers in the hearts of investors there will be a peace of mind and faith in the continued growth of the DOGE market. The important fact is that in this range is the middle line of the local fall DOGE channel, which sellers formed in August. Maintaining this mark will show the weakness of sellers and the unwillingness to continue the correction in the DOGE market.
In this case, we will expect the return of the good old DOGE in the form of a new growth impulse with a target of $0.9. In the event of this scenario, we will look closely at the nature of the DOGE price growth. This will help you understand whether the $0.9 mark is the final target or just the first.
Analyzing the DOGE cryptocurrency on the daily timeframe, you can see confirmation of the importance of the current correction channel's middle line. Loss of control over this dotted line will open the way for sellers to the mark of $0.08. The worst thing is that this fall is likely to be sharp and uncorrected.
Therefore, if you are keeping this cryptocurrency in your investment portfolio, be careful around the range of $0.16-$0.18. At the moment, buyers are trying to stop the fall and keep the price in the orange consolidation channel. Breaking the $0.25 mark will give buyers a chance to check for the strength of the $0.29 mark. It will depend on the behavior of buyers near this mark, whether the local downward trend will continue with the final target of $0.16-$0.18, or buyers will not allow the price to fall so low.
Trying to find signals to continue the DOGE market growth becomes unpleasant after analyzing the DOGEBTC chart. At the moment, the price is at a critical point from which a strong impulse of fall should begin. As you can see on the chart, buyers can not break the trend line of sellers up. Having lost the range of $0.0000047-$0.0000052, the DOGE market may become depressed for a long time and plunge into consolidation. Given the likelihood of continued Bitcoin correction, you should now be careful with your crypto portfolio.