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- 1 As per Dogecoin price prediction (COINBASE: DOGE), the coin price decreased by 0.61% over the last 24 hours.
- 2 At press time, Dogecoin coin is trading $42.56, and the 52-week price range is $0.055 – $0.158.
Dogecoin is a crypto coin inspired by a dog joke, created from Litecoin in 2013. It is used to tip and reward online content makers. It has a faithful community, and Elon Musk is a big supporter. It has no cap on supply and a quick block time. It is now worth $0.0652.
Dogecoin coin’s open interest is $221.35 Million, according to Coinglass, and it increased by +1.29% in the last day. The long versus short ratio for 24 hours is 0.9739. The average volume of Dogecoin coin dropped by 4.59%, and it is at $403.12 Million
The coin performed well this month as it surged by 5.00%. However, the Dogecoin price declined by 17.08% in the past six months, showing weak performance. Moreover, the year-to-date return of the Dogecoin price is negative with a 7.62% fall, and the 1-year performance is also negative with a 3.57% loss of the price.
Dogecoin Price Technical Analysis in 1-D Timeframe
As per the Dogecoin coin price action, the coin price has been on a downward trend for eight months, losing around 65% of its value from $0.1584 to $0.0648. The DOGE price has made lower lows and lower highs, and it is trading below all major EMAs, which are acting as resistance levels. The current DOGE price is $0.06490.
However, the price is in a contraction zone, forming a descending triangle pattern between the upper and lower trendlines. This pattern suggests that the DOGE coin price may break down in the coming weeks.
At the time of publishing, the Dogecoin coin price (COINBASE: DOGE) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving averages). The EMAs are acting as hurdles rejecting the price trend. Hence, the coin is expected to move downwards, giving bearish signals over the daily time frame chart.
According to the Dogecoin price prediction, the MACD line at -0.00027 and the signal line at -0.00023 are below the zero line, and a bearish crossover is observed, suggesting a start of a bearish trend for the Dogecoin coin. The current value of RSI is 45.80 points, and the 14 SMA is below the median line at 49.38 points. It seems the Dogecoin price took a rejection from the 14 SMA line. Therefore, the Dogecoin price prediction indicates bearishness for the coin price.
Conclusion
Dogecoin price prediction reveals that the Dogecoin coin price has a bearish sentiment in the 1-D time frame. The price action displays a negative view at the time of publishing. The technical parameters of the Dogecoin price also confirm the bearish trend. The major indicators MACD, RSI, and EMA are showing negative signals and suggest that the downtrend may go on.
Technical Levels:
- The nearest support: $0.065 and $0.054.
- The closest resistance: $0.098 and $0.106.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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.
