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- Bears gain market control as bulls run into resistance at $0.0889.
- On the decline, the DOGE market has found support at around $0.08017.
- Indicators warn traders of a lengthy bear market.
Despite early positive momentum, the Dogecoin (DOGE) market has shifted into a bearish stance. However, the bulls eventually succumbed to the bears after encountering significant resistance at the day’s high of $0.0889. As of press time, the DOGE bears have effectively reduced the price to $0.0819, a 6.85% drop.
The market cap plummeted 6.86% to $10,866,097,615 due to the latest price drop. However, the 19.20% increase in 24-hour trading volume to $708,159,268 suggests that buyers are trying to accumulate Dogecoin at the current levels, which could support DOGE’s price. Furthermore, with the firm buying support at lower levels, the bulls may attempt to capitalize on it and increase the price.
DOGE/USD 24-hour price chart (source: CoinMarketCap)
This bearish trend in DOGE, evidenced by the southern movement of the Keltner Channel bands, which now have a southerly crossing of the 0.0921 and 0.0832 levels. With the upper and lower Keltner Channel bands contracting from thei…
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