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- 1 The price of Dogecoin is currently trading near $0.0752 with a 41.24% drop in the 24-hour trading volume at the time of writing.
- 2 The Dogecoin price is up by 7.03% over the last 7 days.
Dogecoin price prediction indicates that DOGE price is presently facing critical resistance from the 200 EMA in the one-day timeframe. Investors’ sentiment regarding the token is turning bearish according to the price action. The price of DOGE token is forming a red candle below the 200 EMA which suggests that sellers are starting to step into the market and may take control of it in the near future.
Following the historical price action, it can be estimated that DOGE price has not been respecting its key EMA levels after breaking out of the bear trend. The buyers have been defending the price from falling below $0.06000 and $0.05000. This price action pattern is often observed before the change of trend hence once the price finds stability above the key EMA levels, it may start moving on a bull trend.
Dogecoin Price Prediction: Technical Analysis on 1-Day Chart
As illustrated above, the price is presently making an attempt to breach the 200 EMA. As the price is not respecting its crucial resistance for the past few months, the buyers may be able to overcome the predicament shortly. Meanwhile, the making of a red candle suggests that sellers are trying to enter the market.
The RSI line is making a higher high and low pattern per the price action. It is steadily approaching the overbought level. The current RSI value of the DOGE token is 61.66 points, whereas the 14 SMA is providing support to it at around 51.96 points.
Technical Analysis on Daily Chart of Dogecoin/BTC
The Dogecoin/BTC pair is presently seeing more decline in its value than Dogecoin/USDT pair. The Dogecoin/BTC token is moving under all the critical EMAs taking after retesting its crucial resistance level near 50 EMA.
Price action indicates traders are less active in the trading of the Dogecoin/BTC pair than the Dogecoin/USDT one as the formation of doji and spinning candles are more prominent over the trend.
The RSI line is moving on an uptrend. At press time, the RSI is 51.27 points, whereas the 14 SMA is providing support to it at around 41.55 points.
Conclusion
According to the analysis, Dogecoin price prediction suggests bulls are attempting to make a breakout. The present value of Dogecoin is $0.0752 (press time). It has a market capitalization of around $9.83 Billion, which surged over the past few weeks.
Technical Levels:
Support – $0.0500
Resistance – $0.0800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
