Dogecoin (DOGE) Price Analysis: Dogecoin Price Breaks Resistance Level Of $0.0025

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 -1.31% bringing the level of 0.00000027 BTC.

Capture
Source: Coinmarketcap

As dogecoin price was suffering price consolidation since the past week, on the 7day-weekly chart it started with a price level of $0.0025 and had a low price level of $0.0020. This price level of $0.0025 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 $0.002545 with the market capitalization of $316,486,942 and volume traded of $249,545,377. The current circulating supply is 124,654,460,995 DOGE. 

The short-term prediction for dogecoin is bullish. The only barrier for the Doge 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 Price Analysis

Screenshot (293)
Source: Tradingview

 The dogecoin price chart reflects on the price consolidation faced by Shiba Inu from the starting of this month with significant price recovery during the end of the 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 Doge climbed to the price level of $0.0025.

The technical indicators and oscillators somewhat favor the bulls. The MACD levels have again sustained the bullish zone after downtrending nature. This is certainly not 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 favors the bulls. 

The CCI managed to have negative divergence avoiding 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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