Dogecoin Technical Analysis: DOGE/USD succumbs to selling pressure and is down 17% after a massive rally

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  • DOGE/USD had a giant bull rally after getting promoted over TikTok.
  • Binance launched a futures contract for DOGE while Bitfinex simply listed the coin.

Dogecoin was trading around $0.002 at the beginning of the month until a massive promotion over TikTok pumped the coin up to $0.0055 in basically no time. Of course, the massive rally had to stop at some point and DOGE is currently crashing, trading at $0.0035, still up almost 100% since its price before the pump. 

DOGE/USD 4-hour chart

DOGEUSD

The 4-hour chart is currently in a downtrend after bulls lost the 26-EMA at $0.0037. The RSI has cooled off significantly and the MACD crossed bearishly on July 9. There is not a lot of support nearby because the move up happened too quickly, the closest support level can be found at $0.0026, the low of July 7.

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