Dogecoin (DOGE) Price Analysis: Can Shiba Inu Defend Break Below $0.0020 level?

  • Dogecoin price today is at the level of $0.0022 and has been on neutral grounds in today’s market with 0.67% overall gain. 
  • However, the decline in the past few days has caused it to reach a level of $0.0022. 

Source: Coin360

The 7-day chart reflects on the downtrend faced by dogecoin for the past few days. Now it has reached the level of $0.0022. however, in today’s market, it has been on a neutral level with 0.67% gain in the market. The current price is $0.002296 with the market capitalization f $283,539,476 and 24H volume traded of $148,669,195.

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After reaching the year-high of $0.0035, dogecoin faced heavy pricing corrections with have forced it to reach the level of $0.0022 currently. Currently, the altcoin is not showing any significant movement and is very close to yesterday’s closing price only due to a lack of steady support from the daily moving averages.

Source: Tradingview

 The technical graph reflects on the magnitude of the downtrend faced by dogecoin in the past few days. Reaching at the support level of $0.0022 can be the advantage needed for the altcoin. However, the crypto market is not thinking the same.

Dogecoin Price Analysis 

The on-balance volume indicates that there is no significant change in the volume traded for dogecoin in today’s market. This indicates the loss of interest among crypto traders for dogecoin besides being one of the most liked crypto assets in the market.

The RSI is in the normal region but it is also dipping towards the level of 40. A further decline in the level below 35 will indicate that the altcoin might break below the crucial level of $0.0020. however, if it gains positive movement in the level above 50, the market can expect dogecoin to be back in positive movement.  

The CCI also dipping towards the oversold region which is not a good sign for the crypto asset. After a successful positive divergence from the oversold region, dogecoin managed its CCI to be in the normal region. However, we can easily see that it is not being able to sustain on the level.

Resistance level: $0.0029 and $0.0035

Support level: $0.0020 and $0.0017

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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