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•DOGE/USD is currently priced at $0.139 and has increased by 1.62% over the past day
•The trading volumes have decreased by 57.16% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Dogecoin posts marginal gains in intraday session
Source: DOGE/USD by TradingView
The Dogecoin price today is $0.139515 USD with a 24-hour trading volume of $1,307,736,159 USD. Dogecoin is up 1.62% in the last 24 hours. The trading volumes have decreased over the past day, amid increased selling activity taking place at the current price levels. The Volume to Market Cap Ratio stands at 0.07065 for the altcoin.
Major cryptocurrencies were trading mostly in the green on Thursday, albeit not by much, which is a big improvement over Wednesday when a number of them plunged. Looking at the most recent price action, if there is a 4-hour close below $0.125, we can expect to see a continuation of new lowers lows. However, if there is a bounce off this level, it will lead to the bulls making an effort to surpass the resistance level placed at $0.15 in order to put things in their favor. Dogecoin is currently embroiled in a tussle with bears as the altcoin is struggling to move above the 20,50 SMA on the four hour chart.
Long Term View for Dogecoin Price
Source: DOGE/USD by TradingView
The daily RSI for Dogecoin continues to remain flat at around 50 points (currently transacting at 49.02). A new push will be needed from the bulls to break this range. The MACD, on the othe hand, remains bearish as it shows the MACD and signal line about to enter negative territory. The red histograms are gaining traction on the daily chart as well, which furthers the cause of the bears.
Conclusion
Despite a slight increase observed in Dogecoin price, the buying volume is not as high as required for a notable rally and hence a sideway trend could be observed until a huge influx of volume is poured in.
Support: $0.125, $0.11
Resistance: $0.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
