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Dogecoin (DOGE) Price Analysis: Doge Price Suffers Downtrend As Resistance Of $0.0018 Hits

  • 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.
Capture
Source: Coinmarketcap

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

Screenshot (125)
Source: Tradingview

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

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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

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.