The trading price of Dogecoin (DOGE) has been moving in a downward direction. The trend suggests that the correction is still being witnessed in the trading price of Dogecoin.
Downward Movement Continues
It’s been a while since the trading price of DOGE has been experiencing a downtrend. The price chart shows that DOGE’s price has been moving downstream for the past five weeks.
As the price of the asset has continued declining, it has kept getting turned down from the resistance levels multiple times.
Although the token has tried several times to make it past the resistance levels, things have not worked out well for the asset. Each time the strong push was attempted, the bears defeated the bulls.
This caused the trading price of the asset to move downward and it has not been able to recover from the lower levels.
To make things worse, the sellers have continued increasing their selling power in recent sessions. This has resulted in pulling the trading price of the asset to lower levels.
The bulls have continued losing to the bears at the strong support levels as well. Resultantly, the trading price of DOGE has kept falling to lower levels.
Reversal from the Psychological Level
Based on the recent performance of the asset, the analysts have come up with their own analysis of DOGE. They have given their own explanations pertaining to the trading price of the asset.
As of now, most of the predictions made about DOGE are bearish. The analysis suggests that $0.1 is the psychological resistance level for the token.
Despite several attempts being made by the bulls, they were not able to push DOGE over the psychological mark. Instead, the bears kept increasing their selling pressure, which pulled the trading price of the asset.
The recent downtrend has caused DOGE to lose all of the gains it had generated in the month of January. Since the start of January until now, the trading price of DOGE has plunged by 34.35%.
At the time of writing, the trading price of DOGE is $0.065. The current price of DOGE is lower than what it was back on December 2022. Back in December, the price of DOGE was at a low of $0.0677.
Further Downtrend of DOGE
At the moment, the price of DOGE is residing at a strong support level. The price has been at this level since March 9. However, there is a chance that the trading price of the asset may fall below $0.065.
If that happens, then it would be confirmed that the bulls have no authority over the bears. It would confirm that the bears are in stronger selling momentum.
They may continue with their selling activity, which may end up pulling the trading price of DOGE to lower levels in the future.
The bulls are trying to compete with the Bears
At the current level, DOGE has started to witness a daily candle formation. It suggests that the bulls have been trying to compete with bears at a particular level.
They are determined to push the trading price of the asset higher but it can’t be said if their buying power would be able to pin the bears.
DOGE may Dip Below $0.5
The DOGE analysis data suggest that there is currently a match going on between the bears and the bulls. Both sides are competing with each other for supremacy.
From the looks of it, the bears may exert a stronger selling power to pull DOGE’s price lower. They may continue with their selling spree, which may result in pulling the asset’s price lower.
If the selling spree continues, then the trading price of DOGE may plummet to $0.056. As the DOGE price dips, the bulls will need to exert higher pressure to push the meme coin’s price.
If they fail in doing so, then the asset’s price may fall below the $0.50 level.
