Bearish Dogecoin currently $0.002 lower after trading as low as $0.08

Dogecoin drops $0.002 early on and steadies around the $0.08 level.

Chart analysis indicates Dogecoin is currently alternating around $0.081 with price action moving above and below this key level throughout the session. Trend and momentum analysis indicates that DOGE made an initial break below its 5 day Simple Moving Average at $0.082, a possible indication of a forthcoming negative trend. DOGE is currently flirting with an active Fibonacci support level around $0.081. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $0.079, a low enough level to, generally, suggest that DOGE is trading below its fair value.

All in all, the technical analysis suggests DOGE has no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Cardano is down to $0.347, losing $0.014, after closing at $0.36 in the preceding trading session. Litecoin closed at $94.5 (down 3.42%).

Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36.

Dogecoin reached a significant high of $0.16 around 10 months ago but has lost 48.73% since then. Dogecoin is currently trading with a market cap of 10.63 billion with an average daily volume of 451.27 million.