It was on March 14, when the Dogecoin (DOGE) bulls made a huge attempt from the end to push the price of Dogecoin to a high mark. They increased their buying power on a particular day so they could launch a relief rally in favor of Dogecoin.
They attempted this to push the price of Dogecoin to a higher figure, which would be a positive signal for the neutral investors. Once witnessed, the neutral investors would have gone after the strong positive trend.
The bears were already monitoring the situation very closely and they were not ready to let any of that take place. On March 14, the bulls did manage to elevate the price of Dogecoin to $0.12 per DOGE (20-day EMA).
For a small period of time, it was thought that the bulls will be able to push DOGE over the 20-day EMA mark. However, the bears launched their counter-attack against the bulls and displayed stiff resistance against them.
This resulted in pushing the price of Dogecoin lower to the $0.1123 per DOGE mark. Even at the time of writing, the value of DOGE is at the same figure, and the bulls are not able to fight against the bears.
Technical Indicators Point toward a Downtrend
In the past 24-hours, the trend for Dogecoin has turned even more bearish and the majority of the investors are going for “sell” sentiments versus the “buy” sentiments. The moving averages are currently leaning with the “strong sell” sentiments while the oscillators are “neutral”.
The RSI for DOGE is currently at 35.05 and the ultimate oscillator is at 37.65, which is also pointing toward a strong preference for a downtrend.
Bears May Target $0.06 and Bulls May Target $0.13
For now, it is becoming clear that the bears have a high advantage over the bulls, as all technical indicators point toward the negative trend. The bears may use it to proceed with a high-selling spree, which may pull Dogecoin below the $0.11 mark.
If Dogecoin lands in the $0.10 zone, then the bears may gain more confidence as well as more selling potential. At this point, the neutral investors may start coming forward in support of the bears. This may allow the bears to increase their selling power, and push Dogecoin down to $0.08 per DOGE.
Going forward, the bears may build more aggression in selling Dogecoin, which would see more dipping in the price of Dogecoin. The data suggests that the bears may be able to drag the price of Dogecoin down to $0.06 per DOGE.
On the other hand, if the bulls manage to react to the bears’ selling spree at $0.10, they may be able to rebound DOGE over 20-day EMA.
If that happens, then the investors may start going for higher gains alongside the bulls, and DOGE may rise to $0.13 per DOGE.