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- 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.
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
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
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
