Should you buy DOGE at the current $0.06 retracement?

• DOGE faces resistance at $ 0.07 and returns to $ 0.06

• Coinbase Commerce Adds DOGE Payments

• Elon Musk faces $ 258 billion proceedings on suspicion of Doge Pyramid scheme

Dogecoin (DOGE / USD) is from promoter Elon Musk Proceeded $ 258 billion by investors. Plaintiffs have accused Billionaire and his company of manipulating the value of meme coins for selfish interests.

Doge is currently trading at $ 0.06812 after falling 5.01% last week. data From CoinMarketCap. Bearish market sentiment exacerbated self-off. However, it seems that tokens are being boosted by the increasing adoption of tokens for payment.

Coinbase Commerce adds support for DOGE payments

DOGE showed some recovery after Coinbase Commerce It contains It as a payment supported by that service. This addition is part of the exchange’s move to offer immediate and free payments to managed merchants. This announcement highlighted meme tokens under the bearish pressure of seeing meme tokens record significant retracements.

The monthly outlook shows a 16% price drop since trading at $ 0.081. Similarly, DOGE is one of the tokens that was hit hard by the sale of cryptocurrencies and has lost 64% so far. Will DOGE record a trend reversal or face more bearish pressure?

DOGE finds resistance at $ 0.07

Source: Tradingview

From the daily price outlook, DOGE found resistance at $ 0.07 on June 27 before returning to $ 0.06. Technical indicators show that the token is still bullish and a 20-day moving average (black line) is added to the support.

It is expected that some consolidation will be seen in the 50-day moving average (green line) before the bullish momentum begins. The RSI reading is 48, indicating that the token has not reached the oversold zone and may fall further. DOGE remains bearish below the $ 0.07 support, turned resistance level. Buy entries are only recommended above the resistance.

Overview

DOGE remains largely bearish and the RSI shows potential low levels. Buys are only recommended if a bullish price signal is confirmed and the tokens clearly exceed the $ 0.07 resistance level.