Dogecoin new support 0.35000
According to CoinDesk, Dogecoin fell from 0.48 to 0.21 dollars in a time period of 24 hours, which is a drop of almost 45% in the last day alone. Dogecoin peaked at about $ 0.70 a couple of weeks earlier in May. And the decline came when investors in cryptocurrencies reacted in panic to market fluctuations, which are probably a consequence of the new ban in China. According to Reuters, China has imposed a new ban on financial institutions and payment companies to offer services related to cryptocurrencies. The country has decided to warn investors about cryptocurrencies due to the speculative nature of the market. After that, the prices of cryptocurrencies have fallen sharply and sharply lately, and speculative trading has returned. “This seriously damages the security of people’s property and disrupts normal economic and financial orders,” said a statement from the Chinese financial supervisory authorities in a statement, according to CNN.
Looking at the graph in the one-hour time frame, we will do the following technical analysis. First, we find ourselves in a falling channel, and the lines of the channel are our resistances and supports. After falling to 0.21111, we now have a move towards the upper channel line with a target at 0.50% Fibonacci level at 0.45000. And we are currently testing the 38.2% level at 0.38000, the consolidation is positive for Dogecoin, and we can expect a further price recovery from yesterday’s fall. Following the moving averages, we have MA20 and EMA20 support, we test MA50, and our targets are MA200 and EMA200. The MACD indicator gives us a clean bullish signal and supports this current price increase.
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