Dogecoin price has remained under pressure as it trades below Novembers crucial support zone of $0.2500. Various cryptocurrencies, including Bitcoin, are on a similar trajectory following the easing of risk appetite.
Over the past two sessions, the crypto fear & greed index has been on the neutral side of the spectrum after exuding greed since last month. In Thursday‘s session, it is at a neutral level of 54, which is slightly higher than Wednesday’s 52. The crypto market will likely remain under pressure in the near term.
Dogecoin price prediction
DOGE is trading sideways after dropping below a key support level earlier in the week. On Tuesday, the altcoin extended its weeks losses; falling below the crucial support zone of 0.2500.
After hitting Novembers low of 0.2242, it has since rebounded to trade within a tight range of between 0.2300 and 0.2425. Over the past five sessions, Dogecoin price has dropped by 13.70%. At the time of writing, it was down by 1.3% at 0.2345.
On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages. In the near term, I expect the prior support zone of 0.2500 to be a key resistance level. From this perspective, Dogecoin price will probably trade within a range of between Wednesdays low of 0.2295 and along the 25-day EMA at 0.2434. A move below the stated lower border will likely place the support zone at 0.2200.