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- Dogecoin pricing growth has been on hold and facing pricing consolidation between the range of $0.0020 to $0.0025
- It looks like the desire of Elon Musk towards Dogecoin is not helping the altcoin to move positively.
- Currently, it is having a downtrend of -1.32% with the support level of $0.0020
As dogecoin is suffering price consolidation since the past week, on the 7day-weekly chart it started with a price level of $0.0020 and had a top price level of $0.0025. This price level is proving to provide key resistance to Shiba Inu. However, the market forces can provide dogecoin a needed positive boost for breaking the resistance level of $0.0025.
Currently, the dogecoin price is at the level of $0.0024 with the market capitalization of $305,926,283 and volume traded of $93,363,978.
The short-term prediction for dogecoin is bullish. The only barrier for the altcoin will be the resistance level of $0.0025 and $0.0030. It showed its potential at the starting of February when it crossed the resistance level of $0.0030 and touched its year-high of $0.0035.
Dogecoin Price Analysis
The technical dogecoin price chart shows that the pricing movement is showing the cyclic trend in the market. The starting of the price growth was in starting of FEB which is reflected by the parabolic curve. Thereafter, it reached its critical resistance area of $0.0035 which resulted in major pricing corrections.
The price corrections forced the altcoin to touch the support level of $0.0022 at which it showed signs of price recovery and made it to the level of $0.0026. However, there was a major declining trend in the overall market, which forced downfall again. Currently, it is again on the stage of price recovery but unable to cross the resistance level of $0.0025
The technical indicators and oscillators are indicating that significant bullish movement is coming for Shiba Inu. The 24hour-RSI is around the strong level of 55 and further movement to the level of 70 will support the bulls immensely.
The 24hour-CCI nearly touched the overbought region but had negative divergence which resulted in CCI remaining in the normal region. This is also a positive sign of the altcoin.
MACD levels are in the bullish zone after a long time. But the selling volume trend line is very close to that of buying volume. Therefore, it is preventing the cryptoasset to have significant bullish movement in the market.
Resistance level: $0.0025 and $0.0030
Support level: $0.0022 and $0.0020
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
