Dogecoin (DOGE) Spikes Above $0.21 as Binance Resumes Withdrawals

·2 min read

The Shiba Inu dog-inspired meme coin has been trying to keep its losses limited above the $0.20 handle, as Dogecoin (DOGE) struggles to make a definite move below such a level within the sell-off context.

The cryptocurrency had a sudden rise during the start of the week after plunging last Friday on Omicron’s Covid variant.

50-4hr SMA is the Line in the Sand

Currently, the price is hovering within the 50-period simple moving average at the H4 chart amid a context where DOGE wanted to enter a stagnation phase between the $0.23 and $0.20 levels.

However, the gains are still capped by the $0.23 level as the resurgence of the bears is still setting the tone for the short term. So far, Dogecoin keeps developing a lower low and higher low pattern structure that suggest a bearish continuation for the near term.

DOGE Withdrawals are Back in Binance

Today, Binance, a major cryptocurrency exchange, resumed the DOGE withdrawals following a few weeks of technical issues on the platform, even sparking comments from Elon Musk, Tesla’s CEO and co-founder, who blamed the company.

However, when maintenance was underway, the company claimed that the issue was related to the network’s project upgrades.

As of press time, there are no major complaints from the users after the issue got solved by Binance, as the meme coin lost over 13% of its value due to the problems with the exchange. Also, such a selling wave was accompanied by the risk-off sentiment triggered across the financial markets.

From a technical perspective, DOGE is looking to break above $0.23 to look for the 200-period simple moving average at the $0.25 level in a first degree and then attempting another bull-run towards the $0.30 level.

On the flip side, once the meme coin breaks below the $0.19 zone, eyes will be on the $0.17 level in the midterm, as the bears could strengthen further.

This article was originally posted on FX Empire

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