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- Dogecoin price went in sideways territory after slipping below the ideological round level of $0.10.
- Trading volume lost nearly 12% in the last 24 hours, at $400 Million.
- The RSI indicator seems flat above the halfway over the daily price scale.
Dogecoin price is not participating in the growing crypto market industry. However, the cryptocurrency market goes in sideways territory even if Bitcoin price bounced from two year’s lower level. Buyers are not sure about making new long-positions as of now, hence it acts like a bump on a log.
DOGE on Hourly Chart
In the hourly price chart, famous meme-coin—Dogecoin price hovers at higher than $0.095 mark level for past few trading sessions. This sideways momentum occurs because of the low traders interest for sell-off. Bitcoin price also consolidates closer to $17K, which drives the crypto market.
As of now, buyers have a big challenge to push Dogecoin price higher than the ideological round level of $0.10 as soon as possible. Following the low momentum, meme-coin price trades at $0.0969 mark against the USDT. At the time of writing, buyers manage intraday gain by 0.3%, showing the inside candlestick for the past three days.
DOGE Price on Daily Chart
Over the daily price scale, trading volume gradually decreases since 27 November. Resulting in market volatility seems low as speculators witnessed a 12% fall in volume at $400 Million in the last 24 hours. Thus market capitalization looks in red by 1.34% at $12.86 Billion.
The recent price drop found support at the 20 day moving average (white). Price action shows long build-up for short-term outlook. Similarly, the RSI indicator displays the higher-lows structure so far. At the time, RSI peak turned flat just above the semi-line.
Conclusion
Dogecoin price is caught by short-sellers while the buyers are also actively managing the sustainability in price. The 20-day moving average is a strong support level for bulls to avoid another sharp decline. Furthermore, market sentiment is sideways because trading volume records last 10 days with low volume.
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
