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Dogecoin investors move to DTX Exchange following its 288% price hike.
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DTX Exchange has become the favorite of momentum investors seeking long-term gains. The DTX presale has also stunned crypto experts with its amazing performance, raising $10.74 million so far.
As investors shift towards utility coins from speculative meme coins, the meme coin sector has experienced significant losses in the last few weeks. Dogecoin (DOGE) has been continuously trading in a falling wedge pattern, with the last ten days of action being entirely sideways.
Dogecoin trades range bound after losing momentum
Since the Fed announcement, the cryptocurrency market has lost strength, especially the meme coins. Dogecoin made a high of $0.484 in early December but is currently trading at $0.318, a drop of 34%. The high volatility and failure to regain strength have pushed DOGE investors to book profit before the market signals bullish momentum.
After declining from the previous swing high, Dogecoin has traded inside the declining wedge pattern. According to technical analysts, the breakout from this pattern could be decisive. The analysts’ first target in the coming months is $0.5, with $0.7 as the next target.
Currently, Dogecoin has a local resistance of $0.351, while the support is $0.30. Its RSI is at 39, and if the downtrend continues, it might fall to the index’s lower band before forming a bottom. The Fibonacci retracement shows that the DOGE price is trading above $0.5, a crucial Fib zone. A breakdown from consolidation here could continue the downtrend.
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Author: Guest Post
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