Dogecoin is down 5.22%, trading at $0.084

Although Dogecoin ended today strong and rose from $0.088 to $0.093, it dropped back today and is now priced at $0.084.

Dogecoin made an initial break below its 21 day Simple Moving Average at $0.087, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.084 currently serving as support. If price action breaks below, the next Fib hurdle is $0.082. On the other hand, note that Bollinger Bands® shows an indication of recovery: the lower band is at $0.078, a low enough level to, generally, suggest that DOGE is trading below its fair value.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Dogecoin.

In the meantime, negative performances are also seen in other markets, Ripple is down to $0.47, losing $0.022, after closing at $0.492 in the preceding trading session. Cardano is down to $0.398, losing $0.019, after closing at $0.417 in the preceding trading session.

Other assets are showing positive performances as FTX Token is up 9.54%.

Dogecoin is now trading 42.56% below the significant high of $0.153 it set around 11 months ago. DOGE is currently trading with a market cap of 11.62 billion with an average daily volume of 1 billion.