Dogecoin (DOGE) Price Analysis: Support Of $0.0015 Helps Bearish Dogecoin

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 price today has also been one the prime victim of the overall bearish movement in the market with facing the overall loss of -3.32%. 
  • The major support level of $0.0017 is also broken which has put the altcoin into major concerns. 

Capture
Source: coinmarketcap

On the 7day-weekly chart, Dogecoin started with the strong support level of $0.0020. The expectation was to break the critical resistance point and move forward to another crucial level of $0.0025. But the overall crypto market had something else to offer.

With the majority of the coin facing major downtrend today in which BTC barely maintaining sustainability on the price level of 500 and ethereum barely surviving on the support level of $110, Dogecoin also faced negative momentum.

The current price is at the level of $0.0015 with the market capitalization of $193,486,942 and volume traded of $48,545,377. The current circulating supply is 123,654,460,995 DOGE. However, the DOGE/BTC is also performing negative in the market with an overall loss of 1.83%. This can be a negative aspect from which Doge can again fall in the market. 

DOGECOIN Technical Analysis 

Screenshot (84)
Source: tradingview

The dogecoin price chart reflects on the bearish momentum build by Shiba Inu from the starting of March and the downfall impact. The downtrend was immensely 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 $0.0015 and $0.0020. The current downtrend is able to bring down to the level of $0.0015. 

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 reaching a bearish level of 40. 

The CCI is facing sharp negative divergence in the normal region and is about to hit the oversold region.

Resistance Level: $0.0020 and $0.0025

Support Level: $0.0015 and $0.0014

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