Is DOGE Price Planning Big After Liquidity Grab Below 200-day EMA?

Dogecoin crypto was being traded at $0.108 at press time which has lost 0.88% in the past 24 hours. The market capitalization was $15.73 Billion and the 24-hour trading volume was $751.46 Million.

Dogecoin (CRYPTO: DOGE) started the last week of February with a bullish momentum and surged by 140% in a week. But the bull run came to an end near the $0.220 hurdle. Dogecoin remains the top meme coin in terms of market capitalization.

Here's what happened to Dogecoin last week.

Dogecoin Price Analysis: Weekly Chart

Dogecoin crypto had an upper hand in the last week of February. The price started to rise from the crucial support level of $0.080 and continued the bullish trend till the resistance zone of $0.220. But the bulls failed to continue the trend and started to consolidate.

In the last week of February, the meme coin encountered a crucial resistance level at $0.220, halting its impressive rally. Dogecoin price then experienced a sharp decline, losing around 50% till now and wiping out most of the gains. Fresh mass buying may trigger a bullish momentum.

Dogecoin Price Breaks Down From Key Support

Dogecoin crypto was defending the major support level of $0.130 since March, but it triggered a breakdown in mid-June. Dogecoin crypto was trading at $0.108 at press time, which has lost 0.88% in the past 24 hours.

The market capitalization was $15.73 Billion and the 24-hour trading volume was $751.46 Million. The technical chart displays that the DOGE price has slipped below the 200-day EMA. It hasn't continued the bearish trend after the breakdown.

It seems like buyers have shown interest and tried to push the price at the time of writing. Suppose the buyers manage to surpass 200-day EMA, most of the sellers might get trapped below the major support level. Liquidity grab may lead to solid buying pressure.

Alternatively, if the digital asset price fails to surpass the 200-day EMA then sellers may get the opportunity to lead the trend. If the price fails to defend the $0.0800 mark, bears may look for the $0.0600 hurdle.

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