Cryptocurrencies may be on watch today as well as on Monday. Not because there are some big-time events scheduled which could impact prices of digital currencies but because the majority of other financial markets will not trade due to the Easter holiday. Major cryptocurrencies trade mixed today with rather small price changes. However, there is one major coin that stands out - DOGECOIN with an around-4% drop at press time.
Dogecoin had a quite wild week. The coin rallied at the beginning of the week after Elon Musk changed Twitter logo to Shiba Inu doge, which is also the 'logo' of Dogecoin cryptocurrency. However, coin started to erase gains later on. Pullback accelerated yesterday in the evening after Twitter switched back to its original blue bird logo. Dogecoin dropped over 7% yesterday and is trading another 4% lower today. As a result, Dogecoin has now almost fully erased early-week's gains (orange circle on the chart below).
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Create account Try a demo Download mobile app Download mobile appTaking a look at Dogecoin chart at D1 interval, we can see that the advance on Monday was halted at the upper limit of the Overbalance structure in the 0.1017 area. From a technical point of view, downtrend was maintained. Price pulled back below the 0.0890 support zone marked with the previously-broken downward trendline. A near-term support to watch can be found in the 0.0800 area, where the 200-session moving average can be found.
Source: xStation5
