Dogecoin’s (DOGE) price fails to sustain the previous session’s gains. The largest meme-coin remained under selling pressure after being rejected near $0.17. As of press time, DOGE/USD is trading at $0.14, down 2.02% for the day. As per the market capitalization, Dogecoin is among the top 10 biggest cryptocurrencies reported by CoinMarketCap.
- Dogecoin (DOGE) price remained under pressure on the first day of the week.
- DOGE set to test January’s low of $0.12.
- Expect a reversal of 50% if holds near the current levels.
In a recent update, Elon Musk has signaled that satellite internet provider Starlink could start accepting Dogecoin. Starlink is committed to offering high-speed broadband internet to customers in the most remote area of the planet. Further, 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 to accept DOGE for a moon mission called DOGE-1 that is supposed to launch in the first quarter of 2022.
However, the fundamental catalyst failed to ignite any meaningful price action in the meme coin.
Dogecoin tests the crucial support zone
On the daily chart, the Dogecoin (DOGE) price has been trading pessimistically from the highs of $0.340 made on October 28 with a devaluation of nearly 65%.
Investors flipped near the critical support zone placed around $1.45, a break above or below will be a make or break situation for the DOGE.
A failure to sustain the session’s low will highlight the ongoing selling pressure that could result in the retesting of the January 22 lows of $0.12.
The Daily Relative Strength Index (RSI) has breached the moving average thus signaling the downside pressure in the pair.
Alternatively, investors have to apply full force to pierce 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 with the uptrend.
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