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Dogecoin Price Analysis – DOGE Bounceback is Very Likely

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Dogecoin price:$0.0025
Key DOGE resistance levels:$0.0027, $0.0030, $0.0032
Key DOGE support levels:$0.0023, $0.00021, $0.0019

*Price at the time of writing


 DOGE price long-term trend: Bearish

Over the last month, most altcoins have been facing serious bearish action as prices saw major corrections. Meanwhile, the August sell-off has made Dogecoin DOGE, -1.35% plunge below the ascending trend line (yellow), which has been acting as a pennant support line since April.

Dogecoin is still trading below $0.0030 – the coin is currently changing hands at $0.0025. DOGE is down by 1.50% in the last 24 hours, a reflection of the subdued market activity in the past 24 hours. In case of a further price drop, the $0.0023, $0.0021 and $0.0019 levels should be looked at for potential support.

On the other hand, a heavy price push may cause a retracement to the $0.0027 and $0.0030 resistances, testing the yellow line before considering a break to $0.0032 and above. As it appears now, the DOGE market is under strong bearish control.

Upon that, the Stochastic RSI is turning back in a downward direction, suggesting a continuation of the trend. Dogecoin also looks bearish on the RSI indicator, confirming that the sellers have stepped back in the market. Therefore, it is probably wise to maintain a sell position until the bears lose momentum.

DOGE price medium-term trend: Bearish

The 4-hour chart for Dogecoin presents a bigger picture of the bearish trend as the price action moves within a descending channel pattern for the past three weeks. The DOGE price was rejected at $0.0026 after a 7-day retracement to the channel’s upper boundary. Now, the market is looking for key support levels.

However, the $0.0024 and $0.0023 price points may provide support for the market towards the lower boundary of the channel. Meanwhile, a bullish swing will retest the $0.0026 resistance. A Further rise above the channel may fuel a bull-run to $0.0027, $0.0028 and above.

Taking a look at the RSI indicator, the DOGE market is falling back to the 30 level. We can expect a rebound if the previously mentioned support level can hold well against selling pressure. The Stochastic RSI revealed that the market is in a downward range – a sign of bearish pressure in the market.

DOGE price short-term trend: Bullish

Following the past 7 days of price variation, Dogecoin coin is reflected in an upward movement, forming a short-term ascending channel pattern. As we can see, the market is currently testing the lower boundary after a decent retracement. A bounce-back is likely to hit the $0.00255, $0.0026 and $0.00265 resistances.

While hovering at around $0.0025, a significant breach may bring the market below the channel pattern, testing near supports at the $0.00245, $0.0024 and $0.00235 levels. Nevertheless, the DOGE trading remains intact in a bullish range at the moment.

As revealed on the RSI, the price has continued to maintain a downward direction after leaving the overbought zone on September 2. The Stochastic RSI oscillator has dropped below the 50 level – a further price reduction may bring the coin into the oversold territory, causing a bearish continuation for the DOGE market.

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Dogecoin

Will Dogecoin Price be able to Beat the Bears?

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  • Dogecoin price is still under bear pressure as seen by the price variations over the past month.

Dogecoin has not been able to sustain its position in the upward range due to the constant bear pressure since they gained strength from the end of June. From the past one month, DOGE shows a lot of price fluctuations and is trading mostly below the baseline with the prices oscillating between $0.0023 – $0.0029.

Dogecoin Price Predictions

The price of Dogecoin has been continually in the lower range due to the bear pressure in the crypto market. From a high of $0.002897 on August 19, 2019, the price went on a downhill to $0.002360 on August 29 to the extent of 18.46%. DOGE then made a recovery on September 09 to the tune of 13.68% at $0.002683. With the bears showing an upper hand, Dogecoin price again went down in the next 8 days to $0.002319; downward movement was to the extent of 13.64%. In a matter of the next 4 days, DOGE price went up at $0.002567 to the tune of 10.71%. Currently, Dogecoin is trading at $0.002478, which is again lower by 3.84%.

Dogecoin Price
Dogecoin Chart By TradingView

Dogecoin to USD Price Chart

Dogecoin price has seen a lot of variations from the beginning of the year. The price of DOGE was moving in a flattish range till April where it suddenly rose during the first week of April. Dogecoin had managed to sustain its momentum even as late as July 16 when it was at $0.0032, but by then, the bears had got stronger, and the downslide began for the coin. Analysts expect this volatility to run its course for the short-term and feel that DOGE has the potential to bounce back by the year-end.

For long-term investors, this is the right time to make their investments. Short-term and day traders should invest cautiously, taking market conditions into account.

Source.cryptonewsz.

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Dogecoin Faces a Minimal Drop of 2%; Falls to $0.0023

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In the last 24 hours, Dogecoin has lost almost 2%. From $0.0026 to it has fallen to $0.0023 in few days. Here is an analysis of the five price swings of the coin for the day.

Dogecoin Price Analysis

Dogecoin took a shift between 00:25 UTC and 04:54 UTC, and this shift cost the coin $0.0001 and placed it at $0.00236356. It was followed by a price recovery by 4.28%, and this recovery made an addition of $0.0001 and pushed the Dogecoin price to $0.00246338. The next variation is an important one as it pushed the DOGE to the lowest of the day at $0.00229356 after a 6.88% fall by 19:45 UTC. It was followed by an increment of 7.06%, and this increment happened between 19:45 UTC and 00:16 UTC and this increment added $0.00016 to the DOGE. The latest swing of the coin was a price fall of 5.49% and by 03:35 UTC, it cut $0.0001 from the coin and placed the price of DOGE at $0.00231941.

Dogecoin to USD Price Chart

Dogecoin(DOGE)

Dogecoin Chart By TradingView

Yesterday’s price movement of Dogecoin can be termed as a gradual fall, and it has gone exactly as per the market trend. DOGE may get bullish in the medium-term, but no short-term push is imminent. Following are the most probable resistance and support levels, which traders should consider for safer trading:

Source.cryptonewsz

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Dogecoin

Dogecoin Inclines Below the Baseline; Trades Within the Range of $0.0023 to $0.0026

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  • The coin continues to range-bound trade within $0.0023 to $0.0026.
  • DOGE/USD by Bittrex has candle formation, which is more inclined towards the lower side of the said range.
  • With a few trading instances upwards, Dogecoin price went as high as $0.0026.

Dogecoin is ranked at 29th position in the crypto market, which rightly points out the potential of the coin. DOGE/USD has strict range-bound trading since past 12 days now. With Bitcoin consolidating gains above $10,000 but below $10,500; Dogecoin is trading within the said range only. Although the week was quite a gainful one for most of the coins in the crypto market, this did not seem to have affected the price of Dogecoin.

DOGE to USD Price Chart by TradingView:

Dogecoin Price

Tracing the 30 minutes movement of the coin on Bittrex over the past 1-day, we see that the coin’s trend is much more inclined towards the lower range. Dogecoin was trading around $0.002594 in the initial hours of the day. Around midday, DOGE rose to $0.002615 corrected from $0.002354 by 11.08% within no time.

Today, Dogecoin price is more inclined in the lower range below $0.002498 for the major extent, until the time of penning down. However, the situation is no better and the coin is still encircled by the solid selling pressure just as the fore altcoin. Nevertheless, it is slightly rooted in the short-term moving averages.

DOGE Technical Indicators:

The current trading price of Dogecoin is supported by the 5-day SMA ($0.002477), 10-day EMA ($0.002478), and is notably below the 50-day SMA ($0.00272).

The MACD of the coin appears flat at present but, with a slight bullish crossover, while, RSI seems to have taken a flat route around 50.

Source.cryptonewsz.

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