Dogecoin (DOGE) Price Analysis: Price Momentum Halted By Solid Price Consolidation 

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 remains at the price level of $0.0025.
  • The DOGE/BTC pair performed negative with an overall loss of -0.31% bringing the level of 0.00000026 BTC.

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 Source: Coinmarketcap

Dogecoin Trends

As Dogecoin price is suffering price consolidation since the past week, on the 7 day-weekly charts it started with a price level of $0.0025 and had a top price level of $0.0027. The price level of $0.0027 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 $0.0027.

The level of current price is $0.0025 with the market capitalization of $315,486,942 and volume traded of $249,545,377. 124,654,460,995 DOGE is the current circulating supply.

Dogecoin can again have a comeback of bulls only if it crosses the resistance level of $0.0027. The only barrier for the Altcoin will be the resistance level of $0.0026 and $0.0027. 

Doge Technical Analysis

Screenshot (8)
 Source: Tradingview

The Dogecoin price chart reflects on the price consolidation faced by Shiba Inu from the starting of May. The price consolidation is very significant and solid 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 bullish momentum in yesterday’s market was also unable to break the price bracket as the crypto-asset got the major resistance level of $0.0026. 

The technical indicators and oscillators somewhat favor the bulls. The MACD levels have again reached the bullish zone after down-trending to the bearish zone. This is certainly a good indication for Dogecoin holders 

The 24 hours- RSI is also showing negative nature and is about to reach a level of 40. 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: $0.0026

Support Level: $0.0022 and $0.0020

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