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Dogecoin (DOGE) has seen the worst declines in the top 50 cryptos over the past week. The meme coin dropped in double digits, also posting losses on the daily charts. While nothing out of the ordinary given the current crypto market trend, DOGE was also pulled below important critical levels. This could mean further lows.
Will Dogecoin continue to fall?
Given Elon Musk’s recent radio silence on his crypto projects for Twitter, and by extension Dogecoin (DOGE), the meme coin has failed to maintain its bullish momentum. It is now down almost 50% from the recent high of $0.15 in November. However, the fact that the 15% decline over the past 7 days has dragged it below the 50-day moving average is even more concerning.
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The 50-day MA of DOGE currently stands at $0.086, while the price of the digital asset has fallen to $0.082 in the past 24 hours. Previously, the cryptocurrency was on a bullish trajectory as it continued to hold its value above this level. However, a drop below this level shows that there are now fewer buyers in the market.
Although the meme coin is still holding above its 100-day MA of $0.075, this could also be short-lived if the sellers gain traction in the market. If the price breaks below the 100-day MA, the forecast for the digital asset would turn to selling not only in the medium term, but also in the long term.
Dogecoin and the weekend influence
The weekend is known as a period of low volatility. Indeed, the conclusion of the broader financial markets has an impact on the crypto market, even if it does not experience a typical closing of the trading week. This leads to less volume and less momentum in the market.
With that in mind, it is important for cryptocurrencies like DOGE to close strong at the start of the weekend if they are to maintain their uptrend over the weekend. Otherwise, the impact of this low volume could push prices even lower.
As DOGE was unable to break above the $0.09 resistance level until Saturday, the price has now fallen to the $0.07 area. There is not much support for the part even at this level. This means that the bulls will likely need to build support around $0.065 to keep the bears away.
DOGE is trading at $0.077 at the time of writing, according to data from Coinmarketcap. It is down 6.28% in the past 24 hours and 19.83% in the past seven days.
New Web3 project: Move-2-Earn-Coin FightOut – now in presale
However, the new cryptocurrency FightOut Coin (FGHT) Move-2-Earn is currently not under any bearish influence. It only started presale a few days ago and has already raised over $2 million in capital from investors:
📣 It’s official #FightOutCrew!
We’ve reached another big milestone: we’ve raised over $2 million! 🔥
Buy now and get up to 50% bonus with $FGHT!
Don’t miss! 👊⬇️https://t.co/xwthuHJbBG pic.twitter.com/1lXXlwWG8l
– FightOut (@FightOut_) December 16, 2022
Fitness Coin Concept: FightOut aims to promote the adoption of “Web 3.0” technology in the health and fitness industries. To do this, the project is aimed not only at the hundreds of millions of ordinary people around the world who participate in training and fitness programs, but also at the martial arts elite.
Background: Ordinary app and gym users should be encouraged in their ambition by the presence of top athletes on the platform. According to FightOut, it plans to open many fitness studios – the first in the fourth quarter of 2023. In short: FightOut Coin wants to revolutionize an entire industry and also offers early investors pre-sale bonuses such as 50% off purchases with FGHT tokens.
Here for the FightOut presale
Text credit: Newsbtc
Last updated on December 17, 2022
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