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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 -1.63%.
- However, the support level of $0.0020 is still intact for the altcoin.
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.
With the majority of the coin facing major downtrend today in which BTC is on the crucial level of $7k and ethereum barely surviving on the support level of $180, Dogecoin also met negative momentum.
The current price is at the level of $0.0020, with the market capitalization of $252,486,942 and volume traded of $184,545,377. The current circulating supply is 124,654,460,995 DOGE. However, the DOGE/BTC is performing well in the market, with an overall gain of 1.36%. This can be a positive aspect from which Doge can rebuild bullish momentum in the market.
Dogecoin (DOGE) Technical Analysis
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 was facing price consolidation between the price range of $0.0015 and $0.0020. The current downtrend can lead to break below the crucial level of $0.0020, which the cryptoasset gained after so many attempts.
The technical indicators and oscillators somewhat favor the bulls. 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 positive nature and is about to reach a neutral level of 50. This also favors the bulls.
The CCI had positive divergence from the oversold territory, which has indicated sustainability over the current price levels.
Resistance Level: $0.0025
Support Level: $0.0020 and $0.0017
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.
