Dogecoin (DOGE) Price Analysis: Dogecoin Price Crosses Resistance Level of $0.0023

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.
  • With the whole crypto market showing positive momentum DOGE crosses the price level of $0.0023.
  • The DOGE/BTC pair also performed positively with an overall gain of 3.00% bringing the level of 0.00000031 BTC.

Capture
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 was proving to provide key resistance to Shiba Inu. However, the market forces can provide dogecoin with a needed positive boost for breaking the resistance level of $0.0020. It was sustaining on the price level which has helped to cross the multi-resistance of $0.0023 in today’s market.

The current price is at the level of $0.002366 with the market capitalization of $294,486,942 and volume traded of $289,545,377. 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 $0.0025 now. It showed its potential at the starting of February when it crossed the resistance level of $0.0030 and touched its year-high of $0.0035.

Dogecoin Technical Analysis 

Screenshot (265)
Source: Tradingview

The dogecoin price chart reflects on the consolidation faced by Shiba Inu from the starting of this month. The price consolidation for the altcoin which can be easily noticed in the graph with a bullish tip at the end. 

DOGE was 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.

The technical indicators and oscillators somewhat favor the bulls. The MACD levels have again reached a bullish zone with significant buying volume present for the altcoin. This is certainly a good indication for dogecoin holders 

The 24hour- RSI is also showing positive nature and is about to reach a bullish level of 60. This also favours the bulls. 

The CCI managed to have a positive divergence in the overbought region, which indicates that there’s still some buying left for the altcoin in the market. 

Resistance Level: $0.0025

Support Level: $0.0020 and $0.0017

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