Dogecoin Price Analysis: $DOGE Price at Risk of 18% Fall if Buyers Lose this Key Support

Dogecoin Price Analysis: With the increasing volatility in the crypto market, the Downtrending Dogecoin price took a sideways detour and continues to resonate between the $0.075 and $0.069 levels. The aforementioned levels create a narrow range in the daily chart and project no clear dominance from either party. Here’s how this range can be used to grab a trading opportunity in memecoin.

Also Read: Memecoins Prints Selective Growth as Crypto Market Recovers, Here are the High Fliers

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Dogecoin Price Daily Chart

• The Dogecoin price is likely in a temporary consolidation before continuing with a downward approach.
•  A breakout in either direction from the daily range pattern will provide a reliable indication for determining the potential trend.
• The 24-hour trading volume in the Dogecoin coin is $209.5 Million, indicating a 9.5% loss.

Source-Tradingview 

By the press time, the Dogecoin price was $0.071 with an intraday loss of 1.62%. However, with the lack of initiation from buyers or sellers so far, the coin price is likely to continue to consolidate for a few more trading days.

Anyhow, as the prior trend on Dogecoin was bearish, the price is more likely to continue on that path, Therefore, a breakdown below $0.0692 with a daily candle closing will replenish the exhausted bearish momentum for a prolonged downfall.

The potential downfall could tumble the prices by 15-18% to hit the lower trendline of the falling channel pattern.

On a contrary note, a breakout above $0.0755, will offer buyers a suitable footing to the Dogecoin’s market value higher.

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Will Dogecoin Price Plunge to $0.057?

A potential breakdown below the $0.069 level will end the ongoing consolidation phase in Dogecoin in the seller’s favor. A successful flip below the aforementioned level will offer sellers additional resistance to pressurize the coin price to lower levels. The resulting downfall will plunge the price to $0.0628 support to hit the $0.0568 mark.

• Moving Average Convergence Divergence: Despite a sideways price action, the MACD(blue) and signal(orange) lines rising indicates buying momentum rising, and the Doge price significant possibility to break overhead resistance.
• Exponential Moving Average: The coin price moving below the daily EMAs(20, 50, 100, and 200) indicates the traders will face multiple resistance on the upside.