After witnessing good two-way trading, the price of Dogecoin fell on Friday as bears refused to relinquish control after a temporary reversal on Thursday.
DOGE sellers
After temporarily halting DOGE withdrawals following an upgrade announced by Binance, the world’s largest cryptocurrency exchange by trading volume, Binance is back.
Conflicting reports have had a negative impact on people’s sentiment towards meme coins.
The daily chart of Dogecoin shows the asset’s price hovering near the bullish 21-day moving average at $0.2680, unable to find demand above immediate upside barriers located at the horizontal 100-day moving average, currently at $0.2588.
As long as the price remains below the second level, bears could maintain control of DOGE.
Meanwhile, the 14-day Relative Strength Index (RSI) has slightly declined below the 50.00 level, indicating that the bearish bias could persist in the short term.
DOGE sellers are currently targeting a strong support level at $0.25 to continue the decline. This level is a confluence point of the uptrend line support and the rising 50-day moving average.
Daily closing prices must remain below this key support level in order to retest the low of $0.2337 on Wednesday.
The low of $0.2272 on February 28 may provide some assistance to DOGE buyers, and below that level, the low of $0.2179 on February 27 will be their last line of defense.
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On the other hand, acceptance above the 21-day moving average could provide additional strength for DOGE price recovery, needing to test the key level of $0.2848, the 200-day moving average.
Note that earlier this week, DOGE price failed to hold above the 200-day moving average, initiating a bearish trend for the token.
If the $0.30 moving average barrier is decisively broken, the $0.30 level will once again be in focus for the bulls.
