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- Dogecoin price today has also been one the prime victim of the overall bearish movement in the market with facing the overall loss of -3.75.
- However, the support level of $0.0015 is still there to provide support for the altcoin.
On the 7day-weekly chart, Dogecoin started with the strong resistance level of $0.0018. The expectation was to break the critical resistance point and move forward to another crucial level of $0.0020. But the overall crypto market had something else to offer.
With the majority of the coin facing major downtrend today in which BTC broke below the crucial level of $6.5k and ethereum breaking the price 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 $168,545,377. 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 2.72%. This can be a positive aspect from which Doge can rebuild bullish momentum in the market.
DOGECOIN Technical Analysis
The dogecoin price chart focuses on the bearish momentum faced by doge from the starting of March. The significance of the downtrend for the altcoin 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 also unable to break the price bracket as the cryptoasset got the major support level of $0.0017 and $0.0015.
The technical indicators and oscillators somewhat favor the bears. The MACD levels are reaching 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 but currently is at the level of 50.
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 but the negative nature still arises concerns for bearish momentum.
Resistance Level: $0.0018 and $0.0020
Support Level: $0.0017 and $0.0015
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
