Dogecoin Pulls Back by Over 35% From Fresh Yearly Highs
Dogecoin leaps the previous year’s rank and is now one of the top 35 cryptos of the global market after hitting a yearly high at $0.0138 in the last week against the greenback. But with the loss of traction in the market and nosediving of the largest cryptocurrency, Bitcoin is also seen testing immediate support at $35k. Dogecoin that is believed to have a concurrent motion with that of BTC, is now opting for a bearish crossover due to a clear correction below $0.0100 and currently trades at $0.00858.
As per the Dogecoin Prediction, the previous year’s price trend was nothing but a flat line against the US Dollar with intermittent dips and rises except the current year’s bullish candle that led to strengthening from $0.00455 to above $0.0100.
Dogecoin, after a clear rise, has leaped from trading amongst the top 50 cryptos of the market to trading amongst the top 35 due to a massive gain in momentum and active supports. With escalating momentum and price, there is a stupefying gain in the addresses of Dogecoin for over the past five months now.
#Dogecoin stands at 3.07 addresses and has seen ~48k new addresses each month for the last five months.
— Block.io (@blockio) January 11, 2021
Dogecoin Price Analysis
Dogecoin’s price was seen drawing bearish candles at the time of writing, and the price nosedived below $0.0100 to currently trade at $0.00858. Even though Dogecoin price plunged due to lack of traction but is still holding support from 50-day and 200-day daily MA at $0.00512 and $0.00350, respectively.
However, just when DOGE/USD breached the three-yearly high and fresh 1-year price at $0.0137, the price trend was clearly hitting above the upper band. However, with downward correction, it pulled back and fell into the range of 20-day BB on the daily chart. With a long bearish candle, the price pulled back below $0.0070 but is still away from testing daily supports from medium and long-term MA.
With DOGE having weakened by over 35% from the fresh yearly high, the MACD chart shows that the MACD line moves towards the signal line for bearish divergence, and the RSI also pulls back from the overbought region slightly lies at 60.43.
