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Dogecoin (DOGE) Price Analysis: Overall Bearish Market Brought Dogecoin Price Below $0.0020

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Dogecoin (Doge) price Analysis
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  • With the whole crypto market showing negative momentum DOGE plunges below the price level of $0.0020.
  • The DOGE/BTC pair also performed negative with an overall loss of -0.54% bringing the level of 0.00000028 BTC.
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Source: Coinmarketcap

As dogecoin was suffering price consolidation since the past week, on the 7day-weekly chart it started with the price level of $0.0018 and had a top price level of $0.0020. This price level is proving to provide key resistance to Shiba Inu. However, the current market conditions aren’t supporting Shiba Inu very well. The overall bearish market conditions have forced the cryptoasset to plunge below the crucial level of $0.0020

The current price is at the level of $0.0019 with the market capitalization of $249,486,942 and volume traded of $101,545,377. The current circulating supply is 124,654,460,995 DOGE. 

The short-term prediction for dogecoin is bullish. The only barrier for the altcoin will be the resistance level of $0.0020 and $0.0025. The downfall below the price level of $0.0020 may result in significant price consolidation again for the altcoin. 

Dogecoin Technical Analysis 

Screenshot (183)
Source: Tradingview

The dogecoin price chart reflects on the bearish momentum build by Shiba Inu from the starting of March. The downtrend was very significant for the altcoin which can be easily noticed in the graph. 

DOGE is facing price consolidation between the price range of $0.0015 and $0.0020. The significant uptrend in yesterday’s market was able to break the price bracket as the cryptoasset climbed to the price level of $0.0022. However, the downfall in today’s market again brought the price level to $0.0019

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

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

The CCI managed to have positive divergence avoiding the oversold region, which indicates that there’s still some buying 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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