Dogecoin (DOGE) Price Analysis: Dogecoin Price Indicating A Potential Fall Below $0.0022

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 $0.0025.
  • The DOGE/BTC pair also performed negative with an overall loss of -0.31% bringing the level of 0.00000028 BTC.

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As Dogecoin Price was suffering price consolidation since the past week, on the 7day-weekly chart it started with a price level of $0.0020 and had a top price level of $0.0025. This price level is proving to provide key resistance to Shiba Inu. However, the market forces can provide dogecoin a needed positive boost for breaking the resistance level of $0.0025.

The current price is at the level of $0.0024 with the market capitalization of $308,486,942 and volume traded of $267,545,377. 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. 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 (293)
 Source: Tradingview

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

DOGE is facing price consolidation between the price range of $0.0020 and $0.0025. The significant uptrend in yesterday’s market was able to break the price bracket as the crypto asset climbed to the price level of $0.0024.

The technical indicators and oscillators somewhat favor the bulls. The MACD levels have again reached the bearish zone after downtrending nature but consisting positive nature towards the bullish region. This is certainly 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 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: $0.0025

Support Level: $0.0022 and $0.0020

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