The major meme coin, Dogecoin (DOGE), has been hovering within negative waters below the $0.23 level following a selling wave that smashed the price action over the last week.
Such a maneuver helped bolster the sell-off with a bearish crossover with the 50-period simple moving average consolidating below the 200-period simple moving average at the H4 chart.
Bearish Below $0.20
After reaching the all-time highs, DOGE didn’t manage to sustain the bullish steam and finally cracked below the 200 SMA, as it didn’t provide enough dynamic and solid support to keep the price on the upwards path.
Also, nothing significant had happened in terms of fundamental developments over the last few days, nor on-chain moves that could have shaken the meme coin’s price.
On the other hand, Shiba Inu (SHIB) had been in some way favored by the strain of news regarding on-chain maneuvers, although it didn’t help to keep the bids alive on the “Dogecoin killer.”
Still Eyeing the ATHs?
So far, according to the H4 chart, Dogecoin is looking to consolidate above the $0.21 level, as a demand area has been established at the current stage. Also, the price is looking to crack once again above the 50 SMA, and it could help fuel the bulls towards the 200 SMA around $0.26.
Once DOGE clears out the 200 SMA on its way to the north, eyes will be on the $0.29 level as the next critical hurdle to overcome, followed by the all-time highs around $0.34, before entering the discovery zone.
Meanwhile, the RSI indicator is flashing an ongoing sell signal, implying that bears keep dominating the scene as the slope also points downwards. The next critical supports lie at $0.20 and $0.18 in the near tear.
However, it could eventually turn bullish once the price pierces above $0.24 and the meme coin gathers bullish steam after being supported by the 50 SMA.