Dogecoin has been one of the most talked about cryptocurrencies since the beginning of 2021, specially brought to public attention by Elon Musk tweets and appraisals. Fundamentally, it offers a similar service as Bitcoin but with the faster transaction and lower gas costs.
This meme coin is still in a profitable position compared to the $0.0057 levels from January 2021 to July 16. Currently trading at $0.1882, DOGE is still trading at 32x the cost at the beginning of this year. Selling pressure since the fall of May 2021 has come down heavily on this cryptocurrency.
Dogecoin Struggles Near $0.1636 Support
A consistent negative trend on Dogecoin price has pushed the back to the support levels of $0.1636. This level will be a make or break level of Dogecoin, Given the subsequent rise of other meme coins, Dogecoin is no longer among the trending cryptocurrency in the market. Other potential blockchain networks have offered a much better potential.
Inability to even reach overbought zones on hourly charts indicates the lack of buying sentiment even on shorter time frames. RSI is currently showing a level close to overbought zones. Ideally, this cryptocurrency should take support from the $1.636 levels, but failing to do so can be disastrous for its valuations.
