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- DOGE price is seeing a consolidated momentum on the daily chart. Meanwhile, DOGE/BTC pair is also in a consolidated momentum with a loss of 0.42%.
- Dogecoin is seeing a drop in the average transaction size from Feb 2021. Meanwhile, the technical indicators do not show any bullish move signs.
Dogecoin came into the limelight when various big celebrities and entrepreneurs reveal their investment in the coin. DOGE price projection shows a gain up to $0.5 in upcoming months. Dogecoin is loosely correlated with BTC and expects to remain in the consolidation zone for a long period.
Elon musk has recently tweeted that his company spacex will put a literal Dogecoin to the Moon.After,the tweet coin has seen a jump of 28% within a half an hour. Doge price can see the continuation of bull trend.
Technical Indicators Projects A Bullish Move For DOGE Price
The weekly technical chart of DOGE showcases a bearish momentum. On coming to the daily chart, Dogecoin price is not showing any sign of positive recovery. DOGE price is currently at $0.05395 with a loss of 0.38% in the intraday session. In contrast the DOGE/BTC pair is also seeing a bearish momentum on the daily time frame. DOGE price is trading below 50 and above 100 Moving Average. The 50 MA price is at $0.058, making it temporary resistance for the coin. The coin’s resistance on the upside will be at $0.07, and on the downside, it will see a bounce back from $0.04.It has formed an accumulation zone in the daily frame. If the price breaks 10% above the area then a strong bullish moment can be seen. Dogecoin can see a uptrend upto the $0.08 in upcoming days
RSI(Neutral): It is currently trailing at 48.9, showcasing its presence in the neutral zone.There is no slope formation in RSI, which suggests a consolidated momentum. If it crosses above the threshold of 55, then a strong bullish momentum can be seen.
Conclusion
DOGE price projects an uptrend for a short period. Dogecoin price can reach up to $0.5 until the end of this bull season. The DOGE/BTC pair can also see a bullish move. An Investor should do their due diligence before investing.
Technical Levels
Major Support:$0.04
Major Resistance:$0.08
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
