The price of Dogecoin (DOGE) is not keeping up with the gains of the previous session. The largest meme coin continued to be under selling pressure after being turned down at $0.17. At the time of writing, DOGE/USD is trading at $0.14, down 2.02% for the day. By market cap, Dogecoin ranks among the top 10 largest cryptocurrencies reported by CoinMarketCap.
The price of Dogecoin (DOGE) continued to be under pressure on the first day of the week. DOGE is set to test the January low of $0.12. Expect a 50% reversal if it stays near current levels.
In a recent update, Elon Musk signaled that satellite internet provider Starlink could accept Dogecoin. Starlink is committed to providing high-speed broadband internet to customers in the most remote areas of the planet. Furthermore, the rumors are ripe that Musk’s SpaceX could also enable Dogecoin payments. According to the U.Today, the space exploration company is already in the process of accepting DOGE for a lunar mission called DOGE-1 due to launch in the first quarter of 2022.
However, the fundamental catalyst failed to fuel any meaningful price action in the meme coin.
Dogecoin Tests Critical Support Zone
Source: Trade View
On the daily chart, Dogecoin (DOGE) price has been trading pessimistically from the highs of $0.340 on October 28 with a devaluation close to 65%.
Investors turned near the critical support zone which was placed around $1.45, a break above or below will be a make-or-break situation for the DOGE.
Failure to hold the session low will highlight continued selling pressure that could lead to a retest of the January 22 lows of $0.12.
The Daily Relative Strength Index (RSI) has crossed the moving average, indicating downward pressure in the pair.
Alternatively, investors must use their full power to rise above the previous day’s high to produce a green candle. Going forward, an acceptance above the $0.18 horizontal resistance line is required to continue the uptrend.
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This post Dogecoin (DOGE) Price Today: DOGE Flipped At $1.45; Keep an eye on January lows
was published first on https://coingape.com/markets/dogecoin-doge-price-today-doge-flipped-at-1-45-sets-eye-on-januarys-low/