Bitcoin and other crypto tokens were struggling on Friday, marking the fourth consecutive session of decline. The lower-than-expected inflation numbers in the United States pushed the dollar index and treasury yields higher, denting the sentiments for the riskier asset class.
Dogecoin (DOGE)is currently facing difficulty breaching a previous resistance level ($0.061) and is in a downward momentum. DOGE attempted a rebound to this level this week that coincides with its 50-day moving average but price has instead broken down from a horizontal channel.
Image: Chart-DOGE
In case of a further decline, the recent low (at $0.056) serves as an early support level, with the $0.052 zone providing the next line of defence. Price may consolidate in the near term if it continues to hold $0.056 support. Its14-day RSI is in the oversold territory and is currently at 30.
Major Levels:
Support: $0.056, $0.052
Resistance: $0.061, $0.064, $0.067(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)