Dogecoin (DOGE) Price Analysis: Shiba Inu Losses The Battle Of $0.0020 Over Bearish Market 

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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 -6.63%. 
  • However, the support level of $0.0015 is still intact for the altcoin. 

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source: coinmarketcap

On the 7day-weekly chart, Dogecoin

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started with the strong support level of $0.0015. The overall bearish nature of the crypto market forced the price to drop to the level of $0.0014.

With the majority of the coin facing major downtrend today in which BTC broke below the crucial level of $6k and ethereum barely surviving on the support level of $130, Dogecoin also faced negative momentum.

The current price is at the level of $0.0017 with the market capitalization of $219,486,942 and volume traded of $183,545,377. 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 1.36%. This can be a positive aspect from which Doge can rebuild bullish momentum in the market. 

DOGECOIN Technical Analysis 

 Screenshot (96)

Source: tradingview

The dogecoin price chart reflects on the bearish momentum faced by Shiba Inu from the starting of March. The significance of the downtrend for the altcoin can be easily noticed in the graph. 

DOGE is facing price consolidation between the price range of $0.0015 and $0.0020. The current downtrend is also unable to break the price bracket as the cryptoasset got the major support level of $0.0015 and $0.0014. 

The technical indicators and oscillators somewhat favor the bulls. The MACD levels have again reached the bullish zone after dropping to bearish zone after spending some time in the region. This is certainly a good indication for dogecoin holders 

The 24hour- RSI is also showing downtrend nature and is about to reach a neutral level of 55. This also favors the bears. 

The CCI somehow managed to have negative divergence from the overbought region which indicates that there’s still some selling 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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