Dogecoin (DOGE) has slipped below 70 satoshi in a possible sign of weakness after spending the better part of last week above this psychologically significant threshold.
Four days ago, DOGE unexpectedly slipped below the mark, briefly hitting 66 before jumping back above. While brief, its foray into such territory signalled that the threshold is once again penetrable and will likely be revisited.
During the past 72h, DOGE has experienced increasing difficulty keeping above this mark, trending lower and averaging 68 satoshi. It is currently trading at 67 ($0.00022).
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It is still trading above its 200-day moving average (MA), now 62 satoshi, which is still in steady decline as the effects of September rally have not yet fully kicked in.
As previously assessed, the 70 satoshi support level and the MA represent significant landmarks, although DOGE has deviated during the latest upswing. DOGE’s next move is unclear, and traders ought to wait for the market to show its cards first before placing any major bets.
DOGE currently has a market cap of $21 million, ranking it 5th, just ahead of Nxt.