Dogecoin (DOGE) Price Analysis: Bullish Market Helps Dogecoin Price To Sustain $0.0020

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.
  • Dogecoin price today has been on the losing side in today’s bullish market. 
  • The reason for the downfall can be justified by the resistance level of $0.0022.
  • However, the support level of $0.0020 is still intact for the altcoin. 

Capture
Source: Coinmarketcap

On the 7day-weekly chart, Dogecoin price today  started with a crucial level of $0.0020. 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 uptrend today in which BTC broke above the crucial level of $7.5k and ethereum on the support level of $185, Dogecoin also faced negative momentum.

The current price is at the level of $0.0020 with the market capitalization of $248,486,942 and volume traded of $205,545,377. 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 Technical Analysis 

Screenshot (253)
Source: Tradingview

The dogecoin price chart reflects on the price consolidation faced by Shiba Inu from the starting of this month. The consolidation period 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 is also unable to break the price bracket as the cryptoasset got the major support level of $0.0020. 

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 negative divergence from the oversold territory twice reflecting on the strong buying momentum for the cryptoasset. 

Resistance Level: $0.0022 

Support Level: $0.0020 and $0.0018

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