Dogecoin Must Do This One Thing For Price To Hit $0.1, Here Is Why?

  • 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

Daily Doge Price Chart | Source: DOGEUSDT On

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 

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