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Dogecoin (DOGE) saw the worst declines of the top 50 cryptos in the past week. The meme coin has dropped in double digits, causing losses on the daily charts as well. While this is nothing unusual given the current trend in the crypto market, DOGE has pulled below key critical levels. That could mean a further reduction.
Will Dogecoin keep falling?
Given Elon Musk’s recent radio silence on his crypto plans for Twitter, and by extension Dogecoin (DOGE), the meme coin has failed to maintain its bullish momentum. It is now down nearly 50% from its recent high of $0.15 in November. Even more worrying, however, is that the 15% drop over the past 7 days has dragged it below the 50-day moving average.
DOGE’s 50-day MA currently stands at $0.086, and the price of the digital asset has fallen to $0.082 in the past 24 hours. Before this, the cryptocurrency was on a bullish path as it continued to maintain its value above this level. However, a drop below this level indicates that there are now fewer buyers in the market.
While the meme coin is still above its 100-day MA of $0.075, this could also be short-term if sellers gain momentum in the market. If the price falls below the 100-day MA, the predictions for the digital asset would be to sell, not only in the medium term, but also in the long term.
Dogecoin and the impact of the weekend
The weekend is known as a period of low volatility. That’s because the conclusion of the broader financial markets has an impact on the crypto market – even if it doesn’t see the typical end of the trading week. This results in less volume and less momentum in the market.
With this in mind, it is important for cryptocurrencies like DOGE to close strongly early in the weekend if they want to maintain their uptrend over the weekend. Otherwise, the impact of this low volume could push prices lower.
As DOGE was unable to clear the $0.09 resistance level before Saturday, the price has now fallen into the $0.07 area. There is not much support for the meme base at this level. This means that the bulls will likely need to build support around $0.065 to protect the bears.
DOGE is trading at $0.077 at the time of writing, according to data from Coinmarketcap. It is down 6.28% in the last 24 hours and 19.83% in the last seven days.
New Web3 project: Move-2-Earn-Bon FightOut – now in presale
However, the new cryptocurrency Move-2-Earn FightOut Coin (FGHT) is not currently under any bearish influence. It started pre-selling only a few days ago and has already raised over $2 million in capital from investors:
📣 It’s official #FightOutCrew!
We reached another milestone – over $2M raised! 🔥
Buy now and get up to 50% bonus with $FGHT!
Don’t miss out! 👊⬇️ https://t.co/xwthuHJbBG pic.twitter.com/1lXXlwWG8l
— FightOut (@FightOut_) December 16, 2022
Fitness Coin Concept: FightOut aims to promote the adoption of “Web 3.0” technology in the health and fitness sectors. To do this, the project is aimed not only at the hundreds of millions of ordinary people around the world who participate in training and fitness programs, but also at the martial arts elite.
Background: Ordinary app and gym users should be encouraged in their ambition by having the best athletes on the platform. According to FightOut, it plans to open multiple fitness studios – the first in the fourth quarter of 2023. In short: FightOut Coin wants to revolutionize an entire industry and also offers pre-sale bonuses for early investors, as example 50% discounts on purchases with FGHT tokens.
Text credit: Newsbtc
Last updated on 17 December 2022
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