Dogecoin (DOGE) Price Analysis: Dogecoin Price Faces Holds Grip In Overall Downtrend Market.

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 successful in avoiding any significant decline against the bearish market. 
  • The reason for the stability can be the support level of $0.0025.
  • This stability may provide positive momentum to the altcoin ahead in the market while other coins are still facing price corrections. 

Capture
Source: Coinmarketcap

On the 7day-weekly chart, Dogecoin price started with a crucial level of $0.0024. The overall bullish nature of the crypto market provided the Doge price to reach the level of $0.0026.

With the majority of the coin facing major downtrend today in which BTC broke below the crucial level of $9k and ethereum on the support level of $180, Dogecoin managed to have positive momentum of 1.50%.

The current price is at the level of $0.0025 with the market capitalization of $311,486,942 and volume traded of $272,545,377. The current circulating supply is 124,654,460,995 DOGE. However, the DOGE/BTC is performing negatively in the market with an overall loss of 1.00%. 

DOGECOIN Technical Analysis 

Screenshot (314)
 Source: Tradingview

The dogecoin price chart reflects on the price consolidation faced by Shiba Inu from the starting of the previous month. The consolidation period for the altcoin can be easily noticed in the graph. 

DOGE is facing price consolidation between the price range of $0.0020 and $0.0025. The current downtrend is also unable to break the price bracket as the cryptoasset got the major support level of $0.0025. 

The technical indicators and oscillators somewhat favor the bears. The MACD levels are again showing bearish nature after dropping to the bearish zone and spending some time in the region. This is certainly not a good indication for dogecoin holders 

The 24hour- RSI is also showing negative nature and is about to reach a bearish level of 40. This also favors the bears. 

The CCI had negative divergence from the peak of normal territory twice reflecting on the strong profit booking momentum for the cryptoasset. 

However, on the brighter side, Shiba Inu was successful in breaking the symmetric triangle with strong bullish momentum and also managed to capitalize on the momentum. 

Fib retracement levels show that due to the overall bearish market, DOGE may face price corrections but got support at different levels which can help it to avoid any giant negative leap. 

Resistance Level: $0.0027

Support Level: $0.0025 and $0.0023

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