Dogecoin Price Analysis: Consolidates Near $0.080; What’s Next Support?
Dogecoin price analysis indicates a sideways movement with a mild negative bias movement. After, testing a high of $0.090 the price retraced nearly 15%. We expect DOGE/USD to bounce back after consolidating near the critical support level.
The current market structure shows a slightly bullish sentiment over the last 24-hour. As of press time, DOGE/USD is exchanging hands at $0.080, up 0.77% for the day. According to CoinMarketCap data, the trading volume declined more than 52% to $719,092,978. The current market cap holds at $10.73 billion, making it the 10th largest coin.
DOGE/USD pair is nearing the support zone and the critical trading level of $0.080, where the buyers found double bottom support.
- Dogecoin price manages to hold the support level.
- Bulls need to maintain the support level to bring gains in the coin.
- A daily candlestick below $0.078 would invalidate the bullish outlook.
Dogecoin price looks stable
Dogecoin price analysis shows that the pair has entered into a consolidation. The dwindling volume data indicates that bulls are still holding their footing on the fifth trading day of the week.
On the four-hour chart, the dogecoin price found support at the 61.8% Fibo. Retracement level. This also coincides with the 20-day exponential moving average (ema) at $0.080.Thus, the $0.080 remains a crucial level to trade for both bulls and bears.
A renewed buying pressure would push the price above near $0.085 as the pair trades in an ascending channel.
An acceptance above the mentioned level could bring additional buyers and the price will test $0.090.
On the flip side, a break below the session’s low would negate any bullish arguments. If that occurs the gates would be open for $0.078, at the 0.50% Fibo. Retracement.
The RSI(14) has given a bearish divergence since august 14. The oscillators trade below the average line. Currently, it reads at 51.
1-hour chart finds signs of consolidation
On the hourly time frame, the price trades inside the descending channel, facing rejection near the upper trendline. However, in today’s session, the bulls managed to sustain $0.080.
A green candlestick above the 20-day ema could end the downward move. An hourly close above $0.082 could set up a base for the next leg-up.
Also read: https://BTC, ETH, DOGE: Why Major Cryptos Are Trading In Red Today?
Whereas, the downside is seen at $0.078 amid a spike in sell orders.
The Moving Average Convergence Divergence (MACD) holds below the midline with a neutral bias. A rising histogram along with any uptick in the oscillator would strengthen the upside outlook.
Conclusion:
Dogecoin consolidates on all time frames with a neutral bias. A dip buying opportunity for side line investors near $0.080.
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