The crypto market traded under pressure on Friday following the fallout of crypto-focused US bank Silvergate Capital.
The crypto market extends the previous session’s loss on Friday, the market cap fell to $1.03 trillion, a fall of 4.16% from the last session. As per Coinmarket.com, the total volume rose 21% to $55.40 billion over the last 24 hours.
Dogecoin (DOGE) follows the suit and fell nearly 6% as of writing. The token price trades below its key moving average. The bearish signal was generated on February 22, when the price breached the critical 200-day Exponential Moving Average (EMA) on the daily time frame.
DOGE fell below the crucial $0.0800, this is a crucial development for the next price action. As the mentioned level acted as a significant horizontal support zone.
Moving Average Convergence Divergence (MACD): The momentum oscillator fell below the central line with increased bearish momentum. If the selling pressure persists the momentum oscillator would continue to drift lower signaling more downside in the price.
On Balance Volume (OBV): As the price moves lower as well the volume indicator also drops lower suggesting the continuation of the downtrend.
A daily close below the session’s low of $0.0732 would open the gate for lower levels. The first lower target that could be achieved in the absence of buying participation is $0.0700.
On the other hand, if the bulls managed to reclaim $0.0800 amid a broader recovery in the market, then the price could capture the 200-day EMA at $0.0851.
