The post Doge Faces Massive Liquidations, Can It Plummet More? appeared first on Coinpedia Fintech News
The falling price of Bitcoin is affecting the whole crypto token ecosystem. Dogecoin has fallen by 19.66% this week. Even though it tried to give some bullish pump, it failed to rise. Multiple factors on the chart show there might be another fall incoming. Let’s explore why the chart is giving bearish signals.
Bearish Signals in Charts
Daily Doge chart shows that the price has created a falling wedge pattern that symbolizes an upcoming fall in price. Currently, this price has received support of a trendline initialized in January this year. Dogecoin is trading at a price of $0.11 at the time of writing and is trying another attempt to rise. If we look closely we can see that there is no immediate support from any moving average. All the daily moving averages have suppressed the price.
Source : TradingView
RSI has fallen to 40 points. If the trend line fails to hold
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