Dogecoin Price Analysis: Doge Performing Positive In Consolidation Bracket

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 is gradually gaining a positive move with sustaining the level of $0.025 in today’s market. 
  • The DOGE/BTC pair performed positively with an overall gain of 1.41% bringing the level of 0.00000027 BTC.

Capture
Source: Coinmarketcap

As dogecoin (doge) is suffering price consolidation since the past week, on the 7day-weekly chart it started with the price level of $0.0024 and had a top price level of $0.0026. This price level of $0.0026 is proving to provide key resistance to Shiba Inu. However, the market forces can provide dogecoin price a needed positive boost for breaking the resistance level of $0.0026.

The current dogecoin price is at the level of $0.002580 with the market capitalization of $321,486,942 and volume traded of $198,545,377. The current circulating supply is 124,654,460,995 DOGE. 

The short-term prediction for dogecoin price is bullish. The only barrier for the altcoin will be the resistance level of $0.0026. 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 (354)
Source: Tradingview

The dogecoin price chart reflects on the price consolidation faced by Shiba Inu from the starting of this month. The consolidation is now being a strong barrier to the price growth of the altcoin. 

DOGE is facing price consolidation between the price range of $0.0024 and $0.0027. The significant uptrend in yesterday’s market was unable to break the price bracket as the cryptoasset 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 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 a positive divergence to the overbought region, which indicates that there’s still some buying left for the altcoin in the market. 

Resistance Level: $0.0027

Support Level: $0.0024 and $0.0020

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