With a confrontation of $ 0.33, technical indicators suggest that Dogecoin can be ready for circulation. Is it possible to restore prices for the dog among the reduction of crypto -market?
As Bitcoin falls up to 92 thousand dollars. USA, segment of memes fell below the market capitalization of $ 100 billion. Dogecoin, decreasing by 3.33% over the past 24 hours, by 4.08% in general.
With a market capitalization of $ 50 billion, Dogecoin continues to dominate more than 50% of his segment. Nevertheless, the recent surge of the proposal caused concern among its owners.
Analysis of dohens prices
On the 4-hour graphics, the price action of Dogecoin shows an unsuccessful attempt to maintain more than 61.80% of the Fibonacci level at 0.37772 dollars of the USA, which was followed by a small phase of consolidation, which lasted several days.
However, with a wider market correction, Dogecoin fell after it was not possible to break through the psychological resistance of $ 0.40. This correction led to a 24-hour minimum of $ 0.32417.
Despite this, the main support from the level of 38.20% of Fibonacci at 0.33030 dollars. The USA prevented a strong bear, which led to a brief consolidation. At the moment, Dogecoin costs $ 0.33957.
The sudden surge in the supply caused a bear crossover between the 20- and 50-periodic lines of EMA. Nevertheless, the 4-hour RSI moves to the side of the burned border, signaling the bull divergence. This suggests that a potential rebound for Dogecoin is still possible.
It’s time to buy with blood on the streets?
According to recent Santiment Twit, the average trade profitability for Dogecoin is currently negative. This indicates that the wallets that are active over the past 30 days show losses, and the ratio of MVRV (the market value to the value realized) has become negative.
This can provide a potential for buying with “blood on the streets”. The MVRV coefficient in Dogecoin is -8.892%, which is much higher than bitcoin -3.73%, and Cardano is -6.693%.
DOGE price is valuable
With a bull divergence in RSI and the probability of professional traders entering the market, to use discounted prices, Dogecoin may experience a slight rebound. Direct resistance is located near 50% Fibonacci and 200 EMA in $ 0.35.
In addition, a bull tendency may encounter significant resistance around a psychological mark of $ 0.40. On the other hand, Bear Tender can return to the decisive support zone of about $ 030.
