DOGECOIN (DOGE) Price Analysis: Can Elon Musk Help Shiba Inu Escape Price Consolidation? 

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.
  • Dogecoin is on positive movement in today’s market with an overall gain of 2.27%. 
  • The positive movement is not helping the coin to escape price consolidation between the range of $0.0020 and $0.0025.
  • The consolidation can be the reason of decline in DOGE/BTC price which is having -1.81%(0.00000027 BTC) loss.
  • Elon Musk, CEO of SpaceX and Tesla, expressed his views on dogecoin on twitter and said “they have the best coin” 

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On the 7day-weekly chart, dogecoin is facing price consolidation between the range of $0.0020 and $0.0025. The price level of $0.0025 is proving to provide resistance to the altcoin. At the same time, it is supported by the price level of $0.0020, which is preventing it from any major downfall again in the market.

Dogecoin started this year with a price range of $0.0020 and established bullish momentum in the market, which helped it to reach the price level of $0.0033. Afterward, it faced heavy downfalls, which again forced the altcoin to touch the price of $0.0020.

Currently, the price is at the level of $0.0024. The market capitalization for the altcoin is $306,868,626 with volume traded of $111,340,330. The circulation of the coin in the market is about 123,599,463,955 DOGE.

The crypto assets must break the ongoing price consolidation in a positive manner for regaining the bullish momentum in the market again. If the coin breaks the level of $0.0025 and reaches above the level of $0.0028, the price level of $0.0027 will provide major support for bullish growth.

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Source: Twitter

Elon Musk, CEO of SpaceX and Tesla, expressed his views on twitter regarding dogecoin and said that the community is having the best coin in the cryptomarket

Screenshot (36)
Source: Tradingview

The technical chart suggests that Elon Musk support can provide dogecoin a positive movement in the market for the upcoming days. The parabolic curve in the graph represents the bullish momentum dogecoin had from the starting of the year which was later followed by a heavy downtrend.

Currently, the altcoin is trying to regaining the bullish momentum with a strong support level of $0.0020 but facing price consolidation due to the resistance provided by the level of $0.0025.

The MACD levels have reached a bullish zone which is a positive sign for the altcoin. RSI is also trending and can reach a strong bullish level of 70. CCI is in the normal region but very close to the overbought region.

This indicates that Elon Musk’s opinion has surely gathered some buying volume for the crypto assets but not enough to beat strong price consolidation.

Resistance levels: $0.0025 and $0.0027

Support levels: $0.0020

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