Dogecoin Price Continues To Consolidate But A Move Above This Level Could Fuel A Rally

Dogecoin’s price continued to climb. On its 1-day chart, however, signs of recovery were evident. Over the last 24 hours, the coin hasn’t made much progress.

Dogecoin’s price has increased by 0.4% in the last week. This indicates that it is still within a stable price range.

Technical outlook for Dogecoin showed that buyers weren’t in complete control of the market as it stood at press time. Dogecoin was under bearish pressure.

Dogecoin will be able to recover the bulls’ back if the meme-coin moves beyond the immediate price ceiling.

Dogecoin demand remained low. This is what could lead to the Bears invalidating the short recovery of the coin.

DOGE may fall to local support if the currency continues to consolidate in the coming trading sessions.

To trigger a rally, the coin must surpass the $0.07 price ceiling. The coin can only then attempt to reach the $0.09 mark.

Dogecoin price analysis: One-day chart

Dogecoin Price
Dogecoin’s price was $0.05 on the 1-day chart. Source: DOGEUSD at TradingView| Source: DOGEUSD on TradingView

DOGE traded at $0.05 as of the writing. The coin continues to trade laterally. Despite its attempts to climb up on the chart, buyers refused to cooperate.

The coin’s overhead resistance was $0.06. Dogecoin can reach the $0.07 mark if it breaks above this level.

The coin would rise to $0.09 if it moves above $0.07. However, the support level for the coin was $0.47.

If buyers don’t return to the market, Dogecoin could also fall from its local support to the $0.03 price zone. DOGE’s volume traded decreased in the most recent trading session. That meant the coin was experiencing selling pressure.

Technical Analysis

Dogecoin Price
Dogecoin saw a decline in its buying power on the 1-day chart. Source: DOGEUSD at TradingView| Source: DOGEUSD on TradingView

Also, the crypto market was showing signs of recovery in terms buying power. If there were a slight demand, buyers might return. However, this was not true as DOGE reported a drop in buyer pressure at press time.

Relative Strength Index was lower than the zero-line. This meant there were less buyers than sellers.

Dogecoin’s price also fell below the 20 SMA line. Low demand meant low prices for the Dogecoin, and this also indicated that sellers drove the market’s price momentum.

Dogecoin Price
Source: DOGEUSD on TradingView| Source: DOGEUSD on TradingView

Another technical indicator also indicated that bears had taken control of the asset. A sell signal was also seen on the one-day chart.

Moving Average Convergence divergence shows the direction and price momentum of crypto. MACD experienced a bearish crossover, and it also created red histograms.

These red histograms signaled the onset of Dogecoin’s sell signals. Directional Movement Index measures the strength and direction of Dogecoin’s overall prices.

As the -DI crossed the +DI line, DMI was now negative. Red indicates that current price direction is weakening. The Average Directional Index fell to 20.

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