Will Dogecoin (DOGE) Price Continue to Consolidate the Rest of 2022?
t’s been observed that the meme king, Dogecoin has declined faster than the two largest cryptocurrency Bitcoin and Ethereum. Since its all-time high of $0.731 which was hit in May 2021, Dogecoin has lost nearly 92% from its current price. At the time writing, Dogecoin is selling at $0.0593 after a surge of 2.57% in the last 24hrs.
No Sign Of Recovery For Dogecoin
If we just look back around March this year, it was observed that 700,000 DOGE holders had moved out of the market in just 48 hours. However, there was no particular reason sighted, still DOGE investors were slightly worried in terms of Dogecoin price.
But there was no impact found on Dogecoin price and in August DOGE settled around $0.059. Since this time the meme currency has been trading sideways. Also from August Dogecoin is struggling to reach the Fibonacci line of 23.6%.
The current trading price indicates that the immediate support lies near $0.050 and resistance is positioned at $0.065.
On the other hand the Simple Moving Average of the 50-day, 100-day and 200-day is posing a resistance for DOGE since August 2022.
It’s also important to note that there is no any development happening around Dogecoin for now hence, it all depends on the overall market performance.
Moreover, currency’s volatility is also a factor that needs to be considered. If Dogecoin’s volatility remains on a downside, then the chance for DOGE price to make any move is also reduced. At present DOGE volatility is around 52% and if the volatility has to see any upward direction then DOGE price should surge double digit.