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Dogecoin suffers a significant drop in price within minutes!

Dogecoin crossed the $ 0.2666 resistance level last month. While other cryptos are trending and making new highs, it’s confusing why DOGE isn’t moving. While it’s not a sign of weakness, meme-based cryptocurrencies are said to be volatile.

The flash crash of October 21, 2021 recovered in minutes and as such, despite warnings and all, one must properly consider one’s immediate levels of support and resistance before entering. Dogecoin has a strong supportive trendline that capped any retracement after being declined at $ 0.2666. Dogecoin ranks ninth in USDC coins due to some retracement, and so others have benefited from it too.

Dogecoin price analysis

Dogecoin has tried to recover but has so far failed to shake the sellers off their backs. Additionally, the notification from Binance’s CEO that such activity will repeat itself creates a sense of caution when buying and selling crypto, especially cryptocurrencies that have sentimental value only.

Dogecoin price analysisDogecoin is facing quite a resistance to its 200 DMA level, which has been rising at a constant rate for the past few months. It suggests strong buying and a positive stance on its historical price action over the longer term six months. However, this attitude is not reflected in Dogecoins; instant movement. The RSI has slowly held between 50 and 60 levels, suggesting positive sentiment, but lacking in terms of strong buying sentiment.

To get back on trend, Dogecoin needs to break the 200 DMA, which has become a strong resistance preventing price spikes. Based on our Dogecoin prediction, a move above 200 DMA could ignite a buying mood, as we have seen his Shiba Inu. Tracking an outbreak could be an important foundation on which to buy Doge.

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