Dogecoin’s Selling Pressure May Be Reducing As DOGE Has Remained Above $0.06 Since September 23

For a long time, Dogecoin (DOGE) investors have wanted DOGE to give them a good sign. Unfortunately, things were not going in their favor as not only DOGE was performing badly but the negative factors continued rising.

Due to the constantly rising economic pressure with the rising inflation and interest rates, many investors were not willing to invest in Dogecoin.

People do not want to invest in cryptocurrencies that are a lost cause or even give a hint of becoming an investment full of losses.

Given the current circumstances, investors were hesitant to make investments in Dogecoin. This continued putting DOGE in a bad position and the bears kept pulling its value in the lower territories.

DOGE has Finally Gained Some Momentum

Turns out, the bears have lost their selling power, which has brought an end to the selling spree of DOGE that was once very aggressive.

The data shows that on September 23, the trading price of DOGE managed to hit and break through the $0.06 level. It is the 20-day EMA level for DOGE, which was considered quite difficult for the bulls to cross.

However, the bulls were able to cross that level for the first time in many days and now it seems that the bulls may maintain this level.

DOGE has remained above this level since September 23, which suggests that the bears have indeed lost their selling power. As their selling pressure is in a state of reduction, it is a positive sign for the bulls to push DOGE in a positive direction.

Buyers Lost to Sellers at $0.70

The following day (September 24), the price of DOGE managed to make it over $0.07, which is the 50-day SMA. As the price of DOGE went over the particular level, the bears started selling it with aggression.

As the aggression returned, the price of DOGE fell below the $0.07 level as the bulls were not able to sustain the pressure coming from the sellers.

This was clear that although the bears were showing no aggression at $0.06, they were not going to show the same attitude if the DOGE price went higher than that.

DOGE Price was Pushed Back

From September 24 to September 25, the bulls continued fighting aggressively with the bears to sustain their pressure. However, the bears prevailed and they were able to drag DOGE’s price down to 20-day EMA on September 25.

At the time of writing, the bulls are trying hard to defend their position at over $0.06. If the bulls exert enough pressure, they will be able to convert $0.06 to the strong support level.

This would allow them to push the DOGE price up to a high of $0.08.