- Dogecoin price hovers over the final level of support on the RSI.
- A death cross of the 8-day exponential and 21-day simple moving averages is currently underway.
- Invalidation of the bearish thesis targeting the June 18 swing low is a breach above $0.062.
Dogecoin price is testing the final level of support while bearish momentum finds fuel. A Sweep the lows event could be underway.
Dogecoin price edges near pain
Dogecoin price is trading on thin ice as the bears’ have recently breached the July 14 swing low at $0.057. Currently, the 21-day simple moving average collides with the 8-day exponential, while the world’s favorite meme coin auctions just below them. If market conditions persist, the colliding moving averages will issue a “death cross,” which could spell a heap of pain for the Dogecoin price.
Dogecoin price currently auctions at $0.0583. A second attempt at the July 14′ swing low at $0.057 could catalyze a further 15% decline targeting the summertime low at $0.049. The Relative Strength Index confounds the bearish thesis as the DOGE price is hovering on its final level of support on the daily time frame.
Consequently, the bulls need to re-hurdle the colliding moving indicators, currently positioned at $0.062, to invalidate this bearish thesis. In doing so, they could prompt a liquidity hunt towards the mid $0.0750 level in the short term, resulting in a 28% increase from the current DOGE price.