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- 1 Despite intense pressure from the supply zone, the price of DOGE coins has been able to remain in the short-term demand zone.
- 2 On the daily time period, the price of DOGE currency is exhibiting a falling wedge pattern.
- 3 A higher-high and higher-low price structure is currently visible on the daily time scale.
According to the price action, DOGE coin price is on a clear rise following a protracted period of consolidation at a high demand area. It is now developing a favorable price structure that suggests a potential upward movement in the following trading days. The DOGE coin price is now trading at a value of $0.00001098.
DOGE Coin Price Raises Investors’ Hopes
DOGE coin price as per the price action is on a strong uptrend. The same is depicted on a different time frame. As of now, the DOGE coin price has fallen below the 50 and 100 Moving Averages. This comes after the coin price failed to surpass the supply zone on a daily time frame. Moving upwards these MAs can be seen acting as a strong supply zone.
AS of now, the DOGE coin price is trading at the lower band of the bollinger band indicator after failing to surpass the upper band. Although the coin price is transacting above the 15 EMA it remains to see if the coin price will sustain above it or tarnish the support and fallVolumes have been normal as the coin price consolidated.
DOGE coin price is forming a falling wedge pattern on a daily time frame
DOGE coin price, as per the RSI curve is depicting a small term downtrend. The RSI curve has fallen below the halfway mark of 50 after falling a string bearish pressure the resistance.
At present, the RSI curve is transacting at the price level of 48.57. Once the coin price breaks the supply zone with a strong bullish pressure, the RSI curve can also be seen crossing the halfway mark of indicating a strong bullish trend and supporting the breakout.
MACD indicator triggered a negative crossover as soon as the coin price fell from the resistance. The blue line crossed the orange line on the downside indicating a bearish trend to prevail for a short term. If the coin price manages to hold at the current level and start moving up then the MACD can be seen triggering a positive crossover supporting the price movement then.
Conclusion: DOGE coin price, as the price action suggests, is consolidating currently on a smaller time frame while on a larger time frame shows it is an uptrend. The coin might be experiencing a small downtrend before further big moves. Investors should remain cautious and wait for a proper signal or breakout on either side.
Support: $0.070 and $0.064
Resistance: $0.084 and $0.08250
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.
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.
