Dogecoin price staring at consecutive closes below the 50-day simple moving average (SMA) since November 2020. Daily volume has not closed above average since February 10. Squeeze formation puts DOGE traders on alert. Dogecoin price is at an inflection point as two technical developments may ignite volatility and bring an end to the long drift sideways of the last month. Dogecoin price holds a neutral bias for traders DOGE is set to close today with a squeeze formation confirmation, and it may be the catalyst that shakes the bulls or bears from hibernation. The formation comes at a time when the altcoin will close below the 50-day SMA for the second day in a row, something that has not occurred since November 1-2, 2020. In early March, the last squeeze formation generated a 30% spike over four days, including a one-day gain of 22% on March 8. If the squeeze formation resolves to the upside, the first important resistance is the upper Bollinger and Keltner bands at $0.640. A daily close above the resistance will raise the odds that the rally will reach the 0.618 Fibonacci retracement level of the February crash at $0.074. The clustering of long wicks above $0.080 in early February warns traders not to get too greedy and lock in profits. New all-time highs will have to wait for some months. DOGE/USD daily chart With Dogecoin price set to close below the 50-day SMA around $0.056 at the time of writing, SMA traders should be ready for a potential decline to the lower Bollinger and Keltner bands at $0.048. The next credible support is at the 0.618 retracement level of the bull market beginning November 2020 at $0.039. Further weakness will lead to panic and will likely erase a significant portion of the social media-driven gains. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Cardano Price Prediction: ADA drops towards monthly support but further losses will be challenged FX Street 1 year Dogecoin price staring at consecutive closes below the 50-day simple moving average (SMA) since November 2020. Daily volume has not closed above average since February 10. Squeeze formation puts DOGE traders on alert. Dogecoin price is at an inflection point as two technical developments may ignite volatility and bring an end to the long drift sideways of the last month. Dogecoin price holds a neutral bias for traders DOGE is set to close today with a squeeze formation confirmation, and it may be the catalyst that shakes the bulls or bears from hibernation. The formation comes at a time when… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.