Bearish Dogecoin currently $0.001 lower after trading as low as $0.078

DOGE is grinding lower from $0.08 to $0.078, shedding $0.001 (1.58%) today.

Despite being in the red so far in the current trading session, Dogecoin peaked above its 10 day Simple Moving Average around $0.08 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $0.073, a low enough level to, generally, suggest that DOGE is trading below its fair value. Dogecoin is currently alternating around $0.079 with price action moving above and below this key level throughout the session. Despite this, price action remains constrained around the key Fibonacci level of $0.078 currently serving as support. If price action breaks below, the next Fib hurdle is $0.073.

Technical analysis indicates that DOGE (currently on a downtrend) might reverse course and start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, Bitcoin is down $1,093.67 from the beginning of the session and now trades around $28,155. Ripple slumps 2.39% to trade around $0.46.

Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.

Dogecoin reached a significant high of $0.142 around 5 months ago but has lost 44% since then. DOGE is currently trading with a market cap of 10.90 billion with an average daily volume of 670.93 million.