Dogecoin (DOGE) Price Analysis: DOGE Price Unable To Break $0.0020 Mark As Bears Made A Comeback

  • Dogecoin price today has also been one the prime victim of the overall bearish movement in the market with facing the overall loss of -3.00%. 
  • However, the support level of $0.0015 is still intact for the altcoin. 

Source: Coin360

On the 7day-weekly chart, Dogecoin 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 $0.0017.

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With the majority of the coin facing major downtrend today in which BTC broke below the crucial level of $6600k and ethereum barely surviving on the support level of $130, Dogecoin also faced negative momentum.

The current price is at the level of $0.0018 with the market capitalization of $225,486,942 and volume traded of $171,545,377. The current circulating supply is 123,654,460,995 DOGE. The DOGE/BTC is also performing negative in the market with an overall loss of -2.21%. This can be a negative aspect from which Doge can again face bearish momentum in the market. 

DOGECOIN Technical Analysis 

Screenshot (110)
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 $0.0016 and $0.0015. 

The technical indicators and oscillators somewhat favor the bears. The MACD levels are again showing bearish nature after dropping to the bullish zone and spending some time in the region. This is certainly not a good indication for dogecoin holders 

The 24hour- RSI is also showing downtrend nature and is about to reach a neutral level of 50. This also favors the bears. 

The CCI had negative divergence from the normal territory which has forced the levels which are about to reach the oversold region. If CCI levels reach the oversold region it will enhance the vulnerability of significant downfall and vice versa. 

Resistance Level: $0.0020 and $0.0022
Support Level: $0.0016 and $0.0015

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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.

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