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Dogecoin Price Prediction: DOGE Price Stuck in Range Market, Needs Significant Rally

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Dogecoin Price Prediction
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  • Dogecoin price has been trading in a narrow horizontal range for the past several days.
  • The 20 DMA remains above the current price, while the 50,100 and 200 DMA are well below the price.
  • The trading volume continued to decrease as per overnight data and was reported at $423 million.

Memecoin-Dogecoin price moved in a tight sideways zone after an unusual spike. The asset price consistently forms daily price candles inside the previous candles and this accumulation phase indicates a bullish momentum signal either up or down.

As per the price action, the buyers are trapped in a narrow horizontal range. Thus, the $0.080 level acts as a support and the conceptual round of $0.10 has become a major rescue zone for the bears. As a result, the weekly price candles show long legged doji-candles this week. This accumulation phase is caused by only two weeks of continuous selling.

Against the USDT pair, Dogecoin price trades at $0.0853 mark at press time. Although, in intraday trading sessions, buyers hold prices higher by 1%. Then too, the DOGE value concerning the bitcoin pair is slightly down 0.51% at 0.000005102 satoshis. Amid market consolidation phase, Market cap reached $11.35 Billion as per 24 hour data of CMC. 

Trading volume has been decreasing down since 8 November. This could be a reason behind low volatility in the market. Similarly, Trading volume reported at $423 Million as per overnight data. 

RSI Moves Flat Below Semi-Line 

In the context of daily price scale, the 20 DMA stays above the current price, besides, 50,100 and 200 DMAs are well below the price. However, the ADX indicator fell drastically at the 26.9 mark. As well as, RSI seems to be flat just below the semi-line.

Conclusion 

As per traditional indicators, there is no bullish sign in dogecoin price because RSI observes flat and ADX continues moving down. It happens just because of the narrow range-bound market, as well as, the conceptual round level. 

Support level – $0.070 and $0.050

Resistance level – $0.10 and $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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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