Dogecoin Tests Support At $0.1950


Dogecoin Remains Under Pressure

Dogecoin is currently trying to settle below $0.1950 while Bitcoin remains under pressure. The world’s leading cryptocurrency has recently managed to get below the support at $38,000 and continues its downside move, which is bearish for the whole crypto market.

Other cryptocurrencies are also moving lower. Ethereum continues its attempts to settle below $2,500 while XRP is trying to get below the $0.70 level.

Dogecoin made an attempt to get above $0.2150 at the beginning of August but Bitcoin’s failure to settle above the key resistance at $40,000 put pressure on the meme cryptocurrency. At this point, Dogecoin lacks internal catalysts, so it is dependent on the general market mood which has been bearish since the beginning of this month.

Technical Analysis

Dogecoin managed to settle below the support level at $0.20 and continues its downside move. Currently, Dogecoin is testing the support at $0.1950. RSI remains in the moderate territory, and there is enough room to develop additional downside momentum in case the right catalysts emerge.

If Dogecoin settles below the support at $0.1950, it will move towards the next support level which is located at $0.1915. A successful test of this level will open the way to the test of the support at $0.1865. In case Dogecoin gets below $0.1865, it will head towards the support at $0.1830.

On the upside, the previous support level at $0.20 will serve as the first resistance level for Dogecoin. If Dogecoin manages to settle above this level, it will get to the test of the resistance at the 20 EMA at $0.2025.

In case Dogecoin manages to settle above the 20 EMA at $0.2025, it will gain additional upside momentum and head towards the next resistance level which is located at $0.2090. A successful test of the resistance level at $0.2090 will push Dogecoin towards the next resistance which is located close to recent highs at $0.2150.

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This article was originally posted on FX Empire


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