Is Dogecoin Going to Zero? DOGE Price Slashes 3.5% as Newcomer Meme Coin Races Past $500,000 Milestone
Dogecoin (DOGE) is fighting for life amid rock-bottom price action following a -3.5% drop last week - leaving some panicked bag-holders asking 'is Dogecoin going to zero'?
This comes despite efforts by Dogecoin co-founder Billy Markus to trigger optimism in the DOGE community - with a play on Ferrari's recent decision to accept cryptocurrency payments.
With the super-car manufacturer now working with payment processor BitPay, Ferrari is now accepting Bitcoin, Ethereum, Ripple and Dogecoin - potentially recasting the industry rallying call 'wen Lambo'.
At the time of writing Dogecoin is currently trading at a market price of $0.059 (representing a 24-hour change of +1.05%).
Dogecoin price action sank on October 9, in a dramatic tumble, following rejection from an iron-clad layer of resistance stemming from the 20DMA (which is currently sat at $0.06).
The 20DMA has formed a critical level to watch since a hopeful 'golden cross' broke-down to a 'death-cross' in just 4-days in mid-August - triggered a major -26% retracement move.
The sudden cascade has left Dogecoin price reeling at rock-bottom, with a baseline level of lower support established at $0.0575.
The 200DMA (stood at $0.07) remains high above the descendant upper trendline.
As for Dogecoin's indicators, the RSI is showing signs of a steady heat-up despite price remaining below the 20DMA - suggesting a reclamation move could flip the RSI to a bearish over-bought signal.
This could imply a need for further consolidation below the 20DMA before pushing up.
This sentiment is mirrored by the MACD at -0.0001 (minor bearish divergence) - spotlighting dwindling momentum in current price positioning.
Overall, Dogecoin is fighting for survival here - with the underway consolidation
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