Dogecoin (DOGE) is fighting for life amid rock-bottom price action following a -3.5% drop last week - leaving some panicked bag-holders asking 'is Dogecoin going to zero'?
This comes despite efforts by Dogecoin co-founder Billy Markus to trigger optimism in the DOGE community - with a play on Ferrari's recent decision to accept cryptocurrency payments.
With the super-car manufacturer now working with payment processor BitPay, Ferrari is now accepting Bitcoin, Ethereum, Ripple and Dogecoin - potentially recasting the industry rallying call 'wen Lambo'.
DOGE Price Analysis: As DOGE Fights for Life is DogeCoin Going to Zero?
At the time of writing Dogecoin is currently trading at a market price of $0.059 (representing a 24-hour change of +1.05%).
Dogecoin price action sank on October 9, in a dramatic tumble, following rejection from an iron-clad layer of resistance stemming from the 20DMA (which is currently sat at $0.06).
The 20DMA has formed a critical level to watch since a hopeful 'golden cross' broke-down to a 'death-cross' in just 4-days in mid-August - triggered a major -26% retracement move.
The sudden cascade has left Dogecoin price reeling at rock-bottom, with a baseline level of lower support established at $0.0575.
The 200DMA (stood at $0.07) remains high above the descendant upper trendline.
As for Dogecoin's indicators, the RSI is showing signs of a steady heat-up despite price remaining below the 20DMA - suggesting a reclamation move could flip the RSI to a bearish over-bought signal.
This could imply a need for further consolidation below the 20DMA before pushing up.
This sentiment is mirrored by the MACD at -0.0001 (minor bearish divergence) - spotlighting dwindling momentum in current price positioning.
Overall, Dogecoin is fighting for survival here - with the underway consolidation representing a 'last-stand' before downside price exploration.
This leaves DOGE with an upside target above the 20DMA at $0.062 (a possible +3.56%).
While downside risk could see DOGE fall to lower support at $0.0575 (a potential -3.96%).
Dogecoin's risk: reward ratio therefore stands at 0.9 - a risk dominated entry that could warrant patience with further consolidation at this level anticipated.
And while DOGE might not be going to zero just yet, the tumultuous price action clearly has investors worried, with a significant flow of smart money rotating into a fresher meme coin play: Meme Kombat.