Dogecoin (DOGE) Price Analysis: Shiba Inu Unable to Hold DOGE Price Over Bearish Market 

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’s price today has also been one of the prime victims of the overall bearish movement in the market with facing the overall loss of -3.73%. 
  • However, the support level of $0.0020 is still intact for the altcoin. 

Capture
Source: Coinmarketcap

On the 7day-weekly chart, Dogecoin started with the strong resistance level of $0.0025. The expectation was to break the critical resistance point and move forward to another crucial level of $0.0030. But the overall crypto market had something else to offer.

With the majority of the coin facing major downtrend today in which BTC broke below the crucial level of $8k and ethereum barely surviving on the support level of $200, Dogecoin also faced negative momentum.

The current price is at the level of $0.0020 with the market capitalization of $267,486,942 and volume traded of $137,545,377. The current circulating supply is 123,654,460,995 DOGE.

However, the DOGE/BTC is performing well in the market with an overall gain of 3.24%. This can be a positive aspect from which Doge can rebuild bullish momentum in the market. 

DOGECOIN Technical Analysis 

Screenshot (60)
Source: Tradingview

The dogecoin price chart reflects on the bullish momentum build by Shiba Inu from the starting of February but somehow it didn’t last long. Besides, the downtrend was more significant for the altcoin which can be easily noticed in the graph. 

Before today’s major downtrend in the overall market, DOGE was facing price consolidation between the price range of $0.0020 and $0.0025. The current downtrend is also unable to break the price bracket as the cryptoasset got the major support level of $0.0020 and $0.0021. 

The technical indicators and oscillators somewhat favor the bears. The MACD levels have again reached the bearish zone after climbing to the bullish zone after a long time. This is not certainly a good indication for dogecoin holders 

The 24hour- RSI is also showing downtrend nature and is about to reach the bearish level of 30. This also favors the bears. 

The CCI somehow managed to have positive divergence from the oversold region which indicates that there’s still some buying left for the altcoin in the market. 

Resistance Level: $0.0025 and $0.0030

Support Level: $0.0021 and $0.0020

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