- Price of DOGE falls into a ranging channel because it has failed to surpass resistance. It is keeping price from trending up.
- DOGE trades lower than 50-day Exponential Moving average and 200 day Exponential Moving Average, as bullish signals fail to return as the market continues to range in a channel.
- DOGE’s price must rise above the channel volume in order to reach a level of $0.1.
The Dogecoin prices (DOGE), which continue to suffer, range in a channel that aims to renew their bullish move against tether USDT. Dogecoin and other crypto assets saw a relief rebound in the last weeks. This made the crypto market cap look positive for all cryptocurrencies, many of which are seeing double-digit increases. DOGE experienced some relief but it was soon rejected and moved into a range. (Data from Binance
Dogecoin Price Analysis On the Weekly Chart
The price dropped to $0.05 after a few difficult months. That’s a drop of 70% from the $0.6 record. There were many people selling their items for as low as $1. This incredible price move was cut short due to market conditions. For more than six month, the cryptocurrency market was in a bearish market. This has caused many assets to test their weekly lows again while other crypto assets hold onto key support.
DOGE’s price rose to $0.08 before falling to $O.05 per week. The price held firm after having formed support and the region seemed to be a strong demand area for prices.
Doge price recovered from this $0.05 region as it rallied to $0.66 weekly high. The price was facing resistance as the price range within a channel is too narrow.
DOGE’s price has since remained within its range as it prepares to break out of it in order to retest the resistance at $0.08.
Weekly resistance for the price of DOGE – $0.08.
Weekly support for the price of DOGE – $0.05.
Doge Price Analysis On A Daily (1D) Chart
The daily DOGE price remains under the 200-day Exponential Moving Averages, (EMA) on a daily basis. This is not favorable for an upward trend in the near term. Prices of $0.082 and $0.062 are the same as the 50- and 200 EMAs that act as resistance to DOGE.
DOGE must rise above $0.08, with strong volume above this level. This will allow it to resume its bullish tendency. DOGE is currently trading in a range and must move to the upside for its bullish trend to continue. If it does, DOGE will fall to $0.05 daily.
Daily resistance for the DOGE price – $0.08.
Daily support for the DOGE price – $0.05.
Finbold Charts, Featured Image from Tradingview