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- Dogecoin has also been one of the prime victim of the overall bearish movement in the market with facing the overall loss of -2.63%.
- However, the support level of $0.0017 is still intact for the altcoin.
On the 7day-weekly chart, Dogecoin price today started with the strong support level of $0.0020. The overall bearish nature of the crypto market forced the price to drop to the level of $0.0018.
With the majority of the coin facing major downtrend today in which BTC broke below the crucial level of $7000 and ethereum barely surviving on the support level of $170, Dogecoin also faced negative momentum.
The current price is at the level of $0.0019 with the market capitalization of $245,486,942 and volume traded of $150,545,377. 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 0.10%. This can be a positive aspect from which Doge can rebuild bullish momentum in the market.
DOGECOIN Technical Analysis
Source: Tradingview
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 is facing price consolidation between the price range of $0.0015 and $0.0020. The current downtrend was able to brake the price bracket as the cryptoasset got the major resistance level of $0.0020.
The technical indicators and oscillators somewhat favor the bears. The MACD levels are again showing bearish nature after dropping from 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 downtrend nature and is about to reach a bearish level of 40. This also favors the bears.
The CCI had a positive divergence from the oversold region and was unable to sustain the normal territory went back again to the oversold region. This indicates that bears have strong potential for the crypto asset this time.
Resistance Level: $0.0020 and $0.0022
Support Level: $0.0016 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.
