Dogecoin (DOGE) Price Analysis: Shiba Inu Running Towards The Curial Level Of $0.0020

 

  • Due to the whole crypto market showing positive momentum, DOGE remains at the price level of $0.0018.
  • However, the DOGE/BTC pair performed negative with an overall loss of 3.50%, bringing the level of 0.000000028 BTC.

As dogecoin is suffering price consolidation since the past week, on the 7day-weekly chart, it started with a price level of $0.0015 and had a top price level of $0.0020. 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 $0.0020.

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The current price is at the level of $0.0018, with the market capitalization of $231,486,942 and volume traded of $194,545,377. 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 $0.0020 and $0.0025. 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

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The dogecoin price chart reflects on the bearish momentum build by Shiba Inu from the starting of March. The downtrend was very significant for the altcoin, which can be easily noticed in the graph.

DOGE is facing price consolidation between the price range of $0.0015 and $0.0020. However, the journey to regain the price level of $0.0018 in such a bearish market indeed defines the potential of this altcoin.

The technical indicators and oscillators somewhat favor the bulls. The MACD levels have again reached the bullish zone after down-trending to the bearish zone. This is certainly a good indication for dogecoin holders

The 24hour- RSI is also showing negative nature and is about to reach the bullish level of 65. This also favors the bulls.

The CCI managed to have a positive divergence in the oversold region, which indicates that there’s still some selling volume left for the altcoin in the market.

Resistance Level: $0.0020 and $0.0025

Support Level: $0.0015 and $0.0014

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Ayush Malviya
Ayush Malviya has recently joined as a technical market reporter for Thecoinrepublic- the Leading cryptocurrency news site. He believes that there is a broad scope in Crypto market and blockchain. Thats why he loves to gather knowledge about it and like to analyse the market pattern.

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