The massive selling of the meme coin that happened a couple of days ago harmed the value of DOGE, which saw it slump down to 0.143% after a bearish trading week, despite the large backing it received before the downward spiral began.
Currently, the price has been in a temporary trading stage as it looks to regain its market supply to bounce back from its present state after a very challenging week for them.
In the previous analysis of Dogecoin, analysts forecasted that the coin would fall imminently should the bears decide to remove the $0.16 support they had given to the currency. However, the quick sell-out in last week’s struggles saw the bulls lose a relatively lower support base due to the ongoing free fall of the meme token.
For two months before the price instability began, the price of the DOGE was stable in the close range of $0.195 to $0.143 in the wake of the mass support following the numerous tweets by the Tesla boss.
With the recent downward drop of the price below the support level, the analysis indicates that subsequent support is expected to be at $0.09 pending when normalcy is restored for the meme cryptocurrency.
The price took a bearish turn amid important price variables that determine the stability of worth in the cryptocurrency industry. These variables are what validate resistance during any inevitable price change. And price changes are subject to various factors, not just speculation. The manner of trading and its acceptance can also be a factor when forming an opinion on price uncertainty.
That said, industry insiders use the happenings before this to take a festive look at the meme coin, stating that it has all the support it needs to bounce back from the setbacks.
Despite having had a bullish jump in value over the last couple of months before this event, Dogecoin struggles to maintain and keep up with the upward movement of its price. Considering the support it has garnered from enthusiastic fans and going by events in the last couple of weeks, this came as a shock.
Supply Pressure For The DOGE As Price Hovers Above $0.14
In the meantime, the price of the DOGE is at rest, with the new price struggle cap at $0.14. The event means that buyers are trying to make something out of the new price regime, which indicates extreme supply pressure on the supply of Dogecoin. Should the bears keep on exerting pressure to sell, the price of the DOGE is expected to go down by 35%.
Price indicators state that looking at the neutral price zone indicates no control from the bears or other price speculators. However, in the wake of the bearish collapse and the occasional price changes in the crypto market, insiders are confident that light is waiting to shine at the end of the tunnel for the meme coin fans.
