Dogecoin Price Prediction: DOGE Slump around 8%, What’s the Analysts Take?

• Dogecoin price prediction suggests the strong downtrend momentum of DOGE crypto as the token is witnessing short-selling pressure.
• DOGE crypto has dropped below 20, 50 and 100-days Daily Moving Average.
• The pair of DOGE/BTC is at 0.000005205 BTC with an intraday drop of  7.14%.

The long-term consolidation phase of the daily chart’s lower price range is where the dogecoin price prediction suggests the token is seeking to retrace its steps. But it will take some time before we know if DOGE cryptocurrency can hold above the $0.75 major support level. In order to maintain its current position on the daily price chart, DOGE cryptocurrency has to draw in additional buyers. The cryptocurrency market as a whole is currently in a state of disarray, despite DOGE, the memecoin, making an effort to do very well in these difficult circumstances.

Dogecoin currently has an estimated price of $0.088 and yesterday saw a decline in market capitalization of 8.05%. However, during the intraday trading session, trading volume considerably surged by 265%. This would indicate that buyers are preparing to buck the trend and allow DOGE prices to soar once more.

The DOGE crypto price is trying to sustain at the current level over the daily price chart. However, volume change can be seen below average and needs to grow for DOGE crypto to sustain at the current level. Meanwhile, DOGE crypto has dropped below 20, 50 and 100-days Daily Moving Average. DOGE crypto has been constant inside the price range of $0.60 and $0.172. 

What do Technical Indicators suggest about Dogecoin Price?

The DOGE cryptocurrency is moving in a downward trend, according to technical indicators. The momentum of the DOGE downturn is highlighted by the Relative Strength Index. The RSI is departing neutrality at 43 and heading into oversold territory. The MACD displays the falling velocity of the DOGE during the consolidation phase. The MACD line is lower than the signal line following a negative crossover. Investors in DOGE must hold off on making any purchases until more buyers step forward and drive the token’s price up toward the higher range.

Conclusion

The long-term consolidation phase of the daily chart’s lower price range is where the dogecoin price prediction suggests the token is seeking to retrace its steps. But it will take some time before we know if DOGE cryptocurrency can hold above the $0.75 major support level. In order to maintain its current position on the daily price chart, DOGE cryptocurrency has to draw in additional buyers. Meanwhile, DOGE crypto has dropped below 20, 50 and 100-days Daily Moving Average. Investors in DOGE must hold off on making any purchases until more buyers step forward and drive the token’s price up toward the higher range.

Technical Levels

Support Levels: $0.075 and $0.060

Resistance Levels: $0.105 and $0.115

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.   

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.