Dogecoin Price: Plunging to new lows

Dogecoin has broken the local supports price levels and is sliding down to touch 60 days low and maybe more if not ‘tweeted’.

Dogecoin is a strong fundamental coin pumped through tweets and by whales and prices start to decline when it lacks the attention of either. Having said that, technical analysis has its place to some extent.

Apart from fundamental news, the chart shows the continuous decline in prices headed towards 60 days low. The price broke through the accumulation zone downwards. This is the first and the main reason for the further decline. We don’t have the power for growth.

There was an accumulation zone between $0.38 to $0.30 which is gone due to China FUD and the last hour has broken the 31 days support (green line). If followed the trend line drawn on the chart, the pullback can $0.25 again before a final descend to the next support level of $0.16 (red line).

In one 1D timeframe, the chart is forming an obvious Head and Shoulder Pattern which also supports the prediction and signals a short position.

Repeating, this technical analysis is only valid if Elon Musk doesn’t come to save the day and give it feeble support.