Despite Musk's support, the bear's bear trend remains support

The price for Dogecoin extends its decline on Tuesday after it had dropped by almost 17% the day before.

The most recent correction in Doge has liquidated over $ 20 million, while the long ratio is below you, which indicates a continuation of the downward trend.

The technical prospects project a correction in the direction of the level of $ 0.14.

Dogecoin (Doge) extends his decline and acts around 0.19 US dollars on Tuesday, after falling almost 17% the day before. The latest correction in Doge has triggered a wave of over 20 million US dollars of liquidations and more than $ 100 million in the last 24 hours. The technical outlook and the boring relationship indicate that a further retreat to the $ 0.14 mark aims at.

Dogecoin Price sinks and wipes over 20 million US dollars in the last 24 hours

The price for Dogecoin decreased by almost 17% on Monday and continues his downward trend on Tuesday by pulling back almost 4% during the Asian trading session. This correction has triggered a wave of liquidations, which has led over 20 million US dollars in the last 24 hours and more than 100 million US dollars last week.

Strong liquidations like this could trigger fear, uncertainty and doubt (fud) with the Doge investors, even with the support of Musk, which increases sales pressure and leads to a further decline in the Dotecoin price.

Dogecoin Liquidation Chart lasted 24 hours. Source: Coinglass

Doge Total Liquidation Chart. Source: Coinglass

Another Bärisches Sign is Coinglass' Long-to-Short ratio of CoingGlass, which is 0.86 and falls further and reaches the lowest monthly level. This relationship under one reflects the baric mood in the markets when more traders fall on the financial price.

Doge long-to-short ratio diagram. Source: Coinglass

Bears of Dogecoin Bears with a brand of 0.14 US dollars

The price of Dotecoin was exposed to 0.48 $ 0.48 on February 15 from the rejection of 50% Price Retracement Level (from a low of August 14 from $ 2nd to December 2nd and almost 26% in two weeks. However, Dogge recovered by 20%at the weekend, but continued his decline on Monday. At the time of writing on Tuesday, it is still 3.4%, around 0.19 US dollars.

The relative strength index (RSI) in the daily table is 33 after it is rejected around the neutral level of 50 and approaches its oversized level of 30, which indicates a strong bear impulse. The indicator of the average convergence divergence (MACD) also showed a bearish transition that pointed out a further downward trend.

If Doge continues his correction and closes under the weekly support level of $ 0.18, he could extend the decline in the low point of November 3 of USD 0.14.

Doge/usdt Daily diagram

However, if Doge finds support for the weekly level of $ 0.18 and recovered, it could expand the recovery to test the retracement level from 50% to $ 0.27.