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- 1 Doge’s price is currently trading at $0.07167 while witnessing an increase of +0.03% during the intraday session.
- 2 Doge price trades below all the major EMAs.
- 3 The year-to-date return has dropped to 1.96%, while the three-month return is -11.11%.
Doge’s price is currently stuck in a consolidation ranging between $0.07 and $0.075 since the start of May. Recently, the Doge’s price shattered the support level of $0.078 level and melted down. The cryptocurrency price received several rejections from the $0.07 level and initiated a bullish move toward $0.075. Dogecoin is on the verge of losing all of the gains it made in 2023.
Bears will try to strengthen their position by shattering the recent support of the $0.07 level, and if they can manage to do that, the Dogecoin might head toward the next support, which resides at the $0.065 level.
For the recovery phase to start for Dogecoin, bulls need to quickly drive the price above the 20-day EMA. Time is running out for bulls. If bulls can push the price above the 20-day EMA and head toward the next resistance level of $0.08. A break above the $0.08 resistance level will suggest that the bulls are on a comeback.
Dogecoin Ranked as the Most Traded Cryptocurrency
Dogecoin is now ranked as the most traded cryptocurrency in the world. It has recorded a number of impressive transaction growth milestones beating those of both BTC and Ethereum. Between 27 and 28 May, the network has recorded and processed nearly about 4 Million transactions. The performance of Dogecoin has continued to grow.
The growing rise of DRC-20 was the underlying reason for the digital currency’s transaction volume growth. DRC-20 has been pointed out as the possible foundation for boosting the future of the Dogecoin protocol as a decentralized finance hub. The transaction boost may or may not sustain, but it had placed Dogecoin in the limelight and helped in reviving the interest of investors when the other meme coin was starting to take center stage.
Will Doge Price Melt to $0.065 level?
Doge price trades below 20,50,100, and 200-day EMAs, indicating negative sentiment prevailing in the market. The Chaikin money flow score is 0.10, indicating that bullish strength is still present in the market even though the price is in bearish momentum. CMF has not nosedived below 0 mark since the consolidation started suggesting strength in the market.
RSI trades at 42.42, indicating bearish momentum in the price. The long/short ratio is 0.96, with 49.11% longs and 50.89% shorts in the last 24 hours, indicating more investors on the selling side.
Conclusion
The market structure and price action are bearish for the Dogecoin price. The DOGEUSDT pair might suffer a drop if bears can shatter the recent support. This would lead to a drop to the $0.065 level. The technical indicators are suggesting bearish momentum in the price but active participation of bulls at the $0.07 level.
Technical levels
Major support: $0.065 and $0.07
Major resistance: $0.078 and $0.082
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.
