DogeCoin Price Analysis: DOGE Crypto Rises From Its Own Ashes, What’s Next?
- The DogeCoin price has consolidated within the horizontal range bounded area above the daily chart.
- DOGE crypto is trading at the 20 EMA, but still below the 50, 100 and 200-day daily moving averages.
- The DOGE/BTC pair is at 0.000003202 BTC with an intraday gain of 3.59%.
The price of DogeCoin is rising steadily on the daily price chart after a brief drop. After initially slipping out of the horizontal range-bound region and finding support at $0.057, the token is now trading with strong upward momentum to enter the consolidation phase. As the consolidation phase approaches, the token must continue to move upwards. Since many years ago, it has been recognized that DOGE is moving rapidly in the direction of the Moon. Not least, DOGE keeps the promise it made to cryptocurrency investors. Before it can recover and maintain its position among all other cryptocurrencies, it still has a long way to go.
Currently trading at CMP $0.06078, DogeCoin’s market capitalization has increased by 2.42% in the last day. During intraday trading, transaction volume fell by 0.64%. This suggests that many sellers are entering the market, which will cause the DOGE to return to its lower bound during the consolidation phase. The ratio between volume and market value is 0.04916.
On the daily chart, the DOGE cryptocurrency is trading with a clear upward trend. The token is attempting to accelerate back towards the consolidation period’s upper range. As the DOGE continued to fall, it was able to establish support at $0.057 before breaking above $0.060 and starting to show signs of a consolidation period recovery. Now that the price of DOGE has risen above $0.078 and is rising rapidly, the consolidation period must end. However, the change in volume is below average and must increase for DOGE to continue rising.
What do technical indicators suggest about DOGE?
On the daily price chart, the price of the DOGE coin is increasing rapidly. To sustain this bullish wave and cross the consolidation phase when the token is set to exit the consolidation phase, DOGE should continue to rise. The DOGE coin is now in an uptrend, according to technical indicators.
Relative Strength Index shows DOGE bullish momentum. The RSI is 47 and is moving in a neutral direction. MACD shows the DOGE coin’s sideways momentum. When the MACD line rises and crosses the signal line, a positive crossover has taken place. Now, Doge investors will have to wait and see if bulls try to break the token out of the consolidation phase.
Conclusion
The price of DogeCoin is rising steadily on the daily price chart after a brief drop. After initially slipping out of the horizontal range-bound region and finding support at $0.057, the token is now trading with strong upward momentum to enter the consolidation phase. As the consolidation phase approaches, the token must continue to move upwards. Since many years ago, it has been recognized that DOGE is moving rapidly in the direction of the Moon. Not least, DOGE keeps the promise it made to cryptocurrency investors. Now that the price of DOGE has risen above $0.078 and is rising rapidly, the consolidation period must end. However, the change in volume is below average and must increase for DOGE to continue rising. The DOGE coin is now in an uptrend, according to technical indicators. Now, Doge investors will have to wait and see if bulls try to break the token out of the consolidation phase.
Technical levels
Support levels: $0.055 and $0.051
Resistance levels: $0.060 and $0.077
Disclaimer
The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
