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- 1 Dogecoin shows selling pressure; currently took support at the $0.600 level.
- 2 Dogecoin crypto price is currently trading at $0.0628 with a drop of 0.64% in the last 24 hours with a current market cap of $8.835 Billion.
However, DOGE crypto is trying to exceed 20, 50, 100, and 200-day daily moving averages. However, Dogecoin price has lost -10.51% in a month and -13.34% in the last three months.
Additionally, the DOGE price has plunged around -26.23% in the last six months and has lost -10.13% year-to-date. This confirms the facts regarding DOGE’s bearishness in upcoming sessions.
Dogecoin price forecast indicates the decrease of DOGE crypto price from the higher levels over the daily time frame chart. DOGE crypto needs to attract more buyers in order to reach the recovery level. Moreover, trading volume has been below average and needs to grow for the Dogecoin crypto price to sustain at a higher level.
Dogecoin price is down by -15.59% over the past 7 days. According to the technical analysis, the DOGE price continues to move under the bear’s influence. Bears are trying to pull Dogecoin crypto prices toward the lower trendline.
If more selling volume adds up, then the price might conquer supporting SMA’s by making lower highs and lows. Hence, the DOGE price is expected to move downwards giving bearish views over the daily time frame chart.
Dogecoin must attract buyers in order to surge toward the upper trendline. Investors in Dogecoin crypto need to wait for any directional change over the daily time frame chart. Investors in DOGE need to wait for any directional change over the daily time frame chart.
Technical Analysis of Dogecoin Crypto
If DOGE can sustain this level, the price could go upward and reach the first and second targets of $0.087 and $0.095, respectively. However, if the DOGE price cannot maintain this level and falls, then it might hit the closest support levels of $0.087 and $0.095.
Currently, Dogecoin crypto (DOGE) is trading above the 50 and 200-day EMAs (exponential moving averages), which are supporting the price trend.
Technical indicators suggest the downtrend momentum of the DOGE crypto price. The relative strength index indicates the downtrend momentum of Dogecoin crypto. The RSI was at 33.69 and is resting in the oversold zone.
MACD indicator exhibits the downside trend of DOGE crypto price. The MACD line is below the signal line after a negative crossover.
Summary
The daily time frame chart of the Dogecoin cryptocurrency offers a downtrend according to the DOGE price projection. In order for DOGE cryptocurrency to rebound and reach high levels, it must draw buyers. Moreover, the price of Dogecoin has decreased by almost 26.23% over the past six months.
Technical indicators point to the price of DOGE cryptocurrency being in a downturn. Investors in DOGE cryptocurrency must watch the daily time frame chart for any directional changes.
Technical Levels
- Support Levels: $0.066 and $0.056
- Resistance Levels: $0.087 and $0.095
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
