The Dogecoin price has fallen in the past six consecutive days as investors worry about the rising risks to the cryptocurrency industry. DOGE has declined to a low of $0.15, which is the lowest level it has been since January 12th. It has declined by over 30% from the highest level this month, bringing its total market capitalization has fallen to over $20 billion.
Dogecoin price has been under pressure. Indeed, the coin has dropped by over 80% from the highest level in 2021. The decline has been in a strong decline as investors react to the ongoing fears of regulations and the high-interest rates. On Thursday, the Russian Central Bank announced that the government should ban cryptocurrencies.
At the same time, there are concerns about the rising interest rates. As such, there are concerns about whether meme coins and other cryptocurrencies will keep doing well in a period of high rates.
The daily chart shows that the DOGE price has been in a strong bearish trend in the past few months. A closer look at the chart shows that the coin has formed a descending triangle pattern that is shown in blue. It has moved below the 25-day and 50-day moving averages.
Therefore, there is a likelihood that the Dogecoin price will keep falling as bears target the key support level at $0.10, which is about 32% below the current level. This view will be invalidated if it moves above the key resistance at $0.20.
This post was last modified on Jan 21, 2022, 07:10 GMT 07:10