Dogecoin faces an increasingly downward threat because it decreases about $ 0.16: Will buyers return?
Dogecoin has seen a significant decrease in the past few hours, facing a sharp sale near resistance levels. This decrease was operated by a statement issued by Elon Musk, head of the Ministry of Government efficiency (DOGE), explaining that the US government does not intend to adopt a widely known MIMON, Dogecoin.
Netflow trends from Dogecoin is negative
Recently, the price of Dogecoin achieved great success, which greatly affects various standards on the series. According to data from Coinglass, Dogecoin saw more than $ 9 million in the total filter. This collapse included $ 6.5 million of buyers who closed long positions and $ 2.55 million of sellers who are offering their positions.
Moreover, the open interest of Dogecoin, which measures the total suspended trading sites, decreased by 1.44 %, and decreased to about $ 1.6 billion. This decline was followed by an announcement of Elon Musk, explaining that his government initiative, the Ministry of Governmental efficiency (DOGE), is not affiliated with Mimi. This clarification came after a blend on the web site showed the Dogcoin amulet, which temporarily sent the price of Dogecoin by 14 % in February.
Also read: Elon Musk says that the US government will not use Dogecoin, 5 % decrease
Elon Musk participated that the initiative was originally called the “Governmental Enable Committee”, but it was renamed after the general comments. The name is shared in a shortening case with Dogecoin, and the well -known Musk fond of Dogecoin appears.
However, the last denial of any support from Elon Musk has created mixed feelings in the market. This has made Doug dealers lose their hope, which led to a sharp decrease in its price.
COINGLASS data indicates that Dogecoin has seen a significant flow of $ 4.2 million of stock exchanges over the past 24 hours, indicating that many of their holders are withdrawing their property. Despite the recent decline in the price, this movement indicates that investors are seized the opportunity to collect more Dogecoin. Such activities can be stabilized and the DOGE price increases if the purchase pressure continues during these low price levels.
What is the following for the price of Doug?
Dogecoin has decreased to the bottom of the EMA20 direction line, indicating that the feeling is still negative. However, buyers are strongly defending less than $ 0.16. As of writing this report, Dogecoin is trading at $ 0.167, as more than 0.56 % decreased in the past 24 hours.
The EMA decrease for 20 days ($ 0.171) and RSI below the center point indicates that there are massive feelings in the short term. DOGE/USDT’s pair may aim to re -test the support level of $ 0.143. A decrease from this level can send the price about $ 0.11.
On the other hand, if the price appears from the current level and separates from SMA for 50 days, it will indicate that the bulls are trying to form the lowest level. If buyers pay the price towards EMA directional lines, this will increase the possibility of a break over the resistance line of $ 0.2.
If buyers keep the momentum inside the resistance area at $ 0.25, Dogecoin may try about $ 0.29.
