Dogecoin Price Analysis: What’s Ahead for $DOGE Price after Falling to Surpass $0.07?

Dogecoin Price Analysis: With the upsurge in accumulation from buyers and improving market sentiment, the Dogecoin price witnessed a significant upswing in the daily chart. From the two-week low of $0.0581, the prices surged nearly 18% to currently trade at the $0.067 mark. However, the buyers face significant supply at the downsloping resistance trendline, which could undermine the ongoing recovery.

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Dogecoin Price Daily Chart

• The Dogecoin price could witness a minor pullback before the resumption of the prior recovery
• A bullish breakout from the overhead trendline could set the Doge price for a 22% upswing to hit $0.083
• The 24-hour trading volume in the Dogecoin coin is $193.4 Million, indicating a 34% loss.

Source-Tradingview 

The ongoing recovery in the Dogecoin price faced a minor roadblock at a downsloping resistance trendline. Despite a 0.3% intraday gain, the daily chart showcasing long-wick rejection at this dynamics resistance indicates the bears are actively selling at this barrier.

If the bearish momentum rises, the Dog-themed memecoin could tumble 5.3% to retest a local support zone of $0.63. This horizontal support could offer buyers a strong springboard to rechallenge the overhead trendline.

A potential breakout from the trendline will signal the resumption of a recovery rally and push the DOGE price to the $0.083 ceiling.

Will Dogecoin Price Plunge to $0.582?

The overhead supply could cause a minor coiling in Dogecoin price between the downsloping resistance trendline and $0.063 support. In case, the memecoin breaks the aforementioned support, the sellers would likely undermine the recent recovery and plummet the price back to $.0582

• Bollinger Band: The downswing in the upper bank of the Bollinger Band indicator projects the bullish momentum is not yet sufficient to trigger a directional rally.
• Relative Strength Index: The daily RSI slope close to the 50% mark projects a neutral sentiment among traders.