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- 1 Doge price is standing at $0.07690 with an increase of +0.21% so far today.
- 2 Doge price is trading below 20,50,100 and 200-day EMAs on a daily basis.
- 3 Doge did break out from the narrow consolidation zone.
On April 3, Doge coin crossed the $0.1 mark forming a high at $0.10500 level but could not sustain the bullish momentum. After breaking out from a march consolidation zone, doge price retested the zone and started to move upward providing gains of approximately 37% in a day.
The bullish move was corrected by the bears the day after, falling and creating a low of $0.08035. Doge price then tried to retest the $0.10 level but could not cross $0.095 and again fell to $0.0778 level. The price consolidated between the range of $0.0778 and $0.0810 level and on May 6, doge price did a breakout from the zone. Looking to the left, the price has consolidated previously in this region which might be a hurdle for price if bears are targeting $0.065 level.
However, if the bearish pressure continues to the $0.07 mark and closes below it, there is higher probability for the price to gain bearish trend and fall to $0.065 level and further more till $0.060 level. Doge price has still not broken the lower wick of April 26 candle showing that price might return back into the consolidation zone.
If bullish momentum strikes the market and doge price can break the $0.08170 level, there is a clean move for the price to retest highs of $0.09420 which is only possible if there is an increased participation of bulls in the market. Doge price is trading below all the major EMAs – 20,50, 100 and 200-day indicating that the bears have active participation and can push price to $0.070 level.
DOGE coin technical analysis:
RSI trades below the median line at 42.07 indicating bearish momentum in price. If the current candle of May 7 can break below the lower wick, It can easily gain momentum and fall to $0.07 level. Doge price has rejected the 20-day SMA of Bollinger band and is headed towards the lower band of bollinger. The chaikin money flow score is -0.11 showing signs of weakness in the market. The longs/shorts ratio is 1.06 with 51.4% longs and 49.6% shorts in the last 24 hours indicating that bulls are still active after the breakout.
Conclusion:
The market structure and price action for Doge is currently bearish and breaking of the lower wick can possibly push price to $0.07 level. Bulls have a clear path to $0.9420 if a break of $0.08170 level happens. The technical parameters are indicating a bearish market for Doge price. Dogecoin – the cryptocurrency created as a joke in 2013 seems to have lost steam this year, let’s see what the future holds for Doge coin.
Technical levels:
Major support: $0.070 and $0.0650
Major resistance: $0.8170 and $0.9420
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
