Crypto Markets Are Moving Lower
The world’s leading cryptocurrency found itself under strong pressure at the start of the week which was bearish for altcoins. Ethereum is moving towards the 50 EMA at $3,070. XRP is trying to settle below the major support at $0.95, while Shiba Inu tests its 50 EMA at $0.00000735.
In case Bitcoin manages to settle below the support at $44,000, it will gain additional downside momentum and move towards the support which is located near September lows at $42,600, which will be bearish for the whole crypto market and may put significant pressure on Dogecoin.
It should be noted that Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, is currently trying to settle above 42.5%. This move shows that pressure on altcoins is growing, which is bearish for Dogecoin.
Dogecoin is currently testing the support level at $0.2190. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
In case Dogecoin manages to settle below $0.2190, it will head towards the next support level which is located at September lows at $0.2130. A successful test of this level will open the way to the test of the support at $0.2050. If Dogecoin declines below $0.2050, it will move towards the psychologically important support level at $0.20.
On the upside, Dogecoin needs to settle back above $0.2190 to have a chance to develop upside momentum in the near term. The next resistance level is located at $0.2255. A move above this level will push Dogecoin towards the resistance at $0.23. If Dogecoin settles above the resistance at $0.23, it will head towards the next resistance level which is located at $0.2350.
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