Dogecoin (DOGE) Price Analysis: Shiba Inu Trapped In 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.
  • Besides the whole crypto market showing positive momentum DOGE remains the price consolidation range once again.
  • The DOGE/BTC pair also performed negative with an overall loss of 1.00% bringing the level of 0.00000028.

Capture
Source: coinmarketcap

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.

The current price is at the level of $0.0021 with the market capitalization of $267,486,942 and volume traded of $113,545,377. The current circulating supply is 123,654,460,995 DOGE. 

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 Technical Analysis

Screenshot (63)
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. 

DOGE is facing price consolidation between the price range of $0.0020 and $0.0025. The significant downtrend in yesterday’s market was 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 positive nature and is about to reach the level of 50. 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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