Dogecoin price has remained under pressure as it trades below November’s crucial support zone of $0.2500. Various cryptocurrencies, including Bitcoin, are on a similar trajectory following the easing of risk appetite.
Over the past two sessions, the crypto fear & greed index has been on the neutral side of the spectrum after exuding greed since last month. In Thursday’s session, it is at a neutral level of 54, which is slightly higher than Wednesday’s 52. The crypto market will likely remain under pressure in the near term.
DOGE is trading sideways after dropping below a key support level earlier in the week. On Tuesday, the altcoin extended its week’s losses; falling below the crucial support zone of 0.2500.
After hitting November’s low of 0.2242, it has since rebounded to trade within a tight range of between 0.2300 and 0.2425. Over the past five sessions, Dogecoin price has dropped by 13.70%. At the time of writing, it was down by 1.3% at 0.2345.
On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages. In the near term, I expect the prior support zone of 0.2500 to be a key resistance level. From this perspective, Dogecoin price will probably trade within a range of between Wednesday’s low of 0.2295 and along the 25-day EMA at 0.2434. A move below the stated lower border will likely place the support zone at 0.2200.
This post was last modified on Nov 18, 2021, 08:26 GMT 08:26