Chart of the day - DOGECOIN (06.12.2021)

DOGECOIN price, like the rest of the cryptocurrency market, has struggled since the flash-crash on early Saturday. While traders were able to rally price 35% above the Saturday lows, selling pressure resumed on Monday. DOGE price is currently testing major support at $0.16 which is marked with 78.6% Fibonacci retracement of the upward wave launched back in December 2020, lower limit of the descending channel and previous price reactions. Should break lower occur, downward move may accelerate towards next major support at $0.10. On the other hand, if buyers manage to halt declines here, then another upward impulse towards resistance at $0.20 may be launched.

DOGECOIN, D1 interval. Source: xStation5

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