Dogecoin (DOGE) Price Analysis: Dogecoin Price Making Another Attempt For $0.0020

  • Dogecoin has been on the positive momentum in today’s market with a 3.89% overall gain.
  • However, the decline since the past few days has caused it to reach a level of $0.0015
  • The DOGE/BTC pair is facing a significant downfall of -1.64% with the level of 0.00000028 BTC.

Source: Coinmarketcap

The 7-day chart reflects on the downtrend faced by dogecoin for the past few days. Now it has reached the level of $0.0018. However, in today’s market, it has been on a bullish level with a 3.67% gain in the market. The current price is $0.0018 with the market capitalization of $230,539,476 and 24H volume traded of $161,669,195.

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After reaching the month-high of $0.0018, dogecoin faced heavy pricing corrections with have forced it to reach the level of $0.0015 currently. Currently, the altcoin is not showing any significant movement and is very close to yesterday’s closing price only due to a lack of steady support from the daily moving averages.

Screenshot (145)
Source: Tradingview

The dogecoin price chart reflects on the magnitude of the downtrend faced by dogecoin for the past few days. Reaching at the support level of $0.0016 can be the advantage needed for the altcoin. However, the crypto market is not thinking the same.

The RSI is in the normal region but it is also rising towards the level of 40. Any further decline in the level below 40 will indicate that the altcoin might break below the crucial level of $0.0016. However, if it gains positive movement in the level above 60, the market can expect dogecoin to be back in positive movement. 

The CCI also rising towards the overbought region which is not good sign for the cryptoasset. After a successful positive divergence from the oversold region, dogecoin managed its CCI to be in the normal region. However, we can easily see that it is not being able to sustain on the level.

Resistance level: $0.0020 and $0.0025
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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