Dogecoin Price Analysis: Key Support Level to Watch Post-Bitcoin Halving
Highlights
- The Dogecoin price may prolong correction until the descending trendline in the DOGE price is intact.
- As per coinmarketcap, the market capitalization of top meme coin stands at $49.5 Billion, projecting a 24-hour surge of 5.72.
- The 24-hour trading volume in Dogecoin is $1.47 Billion, indicating a 33.45% loss.
Dogecoin Price Analysis: On Saturday, the cryptocurrency market traded relatively stable despite the successful execution of the fourth bitcoin halving. This consolidation trend for a majority of major coins including Dogecoin continues, reflecting no clear dominance from buyers to sellers. However, the DOGE price holding its ground above the 50% retracement level indicates the broader trend on this asset remains bullish.
Also Read: 6 Expert Picked Crypto To Buy On The Cusp Of 2024 Bitcoin Halving
How 50% Fibonacci Level is Shaping Dogecoin’s Market Strategy
The Dogecoin price has been under an active correction trend for the past three weeks highlighted by a downsloping trendline in the daily chart. The bearish downturn initiated from the $0.228 high tumbled the ADA’s value to a low of $0.13 registering a 43% fall.
However, with the Bitcoin price showcasing sustainability above the $60000 psychological level, the Dogecoin price rebounded above 50% Fibonacci retracement level at $0.143. In theory, this FIB level stands as a crucial support level for buyers to replenish bullish momentum amid major market correction.
The DOGE price has displayed multiple lower-price rejection candles at the $0.143 level for more than a week, signaling that buyers are actively protecting this support. If the anticipated post-halving rally uplifts the altcoin market, the Doge price is well positioned for a bullish reversal.
The renewed recovery from 50% retracement will bolster buyers to rechallenge the overhead resistance trendline. This breakout will signal the continuation of the prevailing rally to propel the DOGE price to $0.22, facing in-between resistance at $0.2.
Technical Indicator
- Exponential Moving Average: An analysis of the daily chart shows the 50- and 100-day EMA acts as dynamic resistance and support for the DOGE price currently in consolidation.
- Moving Average Convergence Divergence: The MACD (blue line) and the signal line (orange) have undergone a significant bearish crossover, with no indications of an imminent bullish reversal as of yet.
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