- Dogecoin (DOGE) price hasn’t received any major movement in the past 24 hours as the volume dropped by more than 50%.
- Dogecoin price is following a channel pattern popularly known as the bearish flag pattern.
Dogecoin was created in 2013 as an alternative to the major traditional cryptocurrencies like Bitcoin. Unlike Bitcoin which is designed to be scarce, Dogecoin is built in such a way that 10,000 coins are mined every minute, and there is no limits to the maximum supply.
According to coinmarketcap.com, whales have been reported to increase their Dogecoin holdings by more than 2% in the past 1 year. Dogecoin holds a total market cap of over $9 Billion and ranks 8th among the cryptocurrencies. As per derivatives data from Glassdoor, DOGE received a change in OI of $104.2K on the long side against $10.8K on the short side.
As per the analysis of the chart, the Dogecoin price was in a declination phase for the past 3 months. The price was declining by taking resistance from a trendline. Also, the price was trading below 100 EMA which was also acting as a resistance for the market. However, the DOGE price bounced back from the demand zone after bulls showed some interest and the price started forming higher highs.
Dogecoin (DOGE) Price Technical Analysis
According to the price action analysis, the DOGE coin price is trying to form a channel pattern commonly known as a bearish flag pattern. The direction of the market is looking indecisive at this point until it tries to remain in the channel.
Now if the buyers have to dominate, they must have to make an overall change in the trend at the higher timeframe. If buyers are able to close and sustain above the previous swing high highlighted in the chart shown, then it will result in a change in character and the price may reach up to 0.08 level in the upcoming days.
However, if the sellers dominate the market, then the trend will continue and a new swing low may be formed.
Indicator Analysis
As per the EMA analysis, Dogecoin’s price is below 100 and 200 EMA. Also, the price was moving upward but got a rejection from 100 EMA after which prices fell down by 9% in the last 3 days.
At the time of publishing, the RSI value is 47.24, and that of the SMA line is 49.64. RSI is headed to the upside by forming higher highs.
MACD lines have made a bullish crossover but both the lines are below the mean line. The overall indicators are showing a mixed reaction as the price is indecisive at the moment.
Conclusion
As per the combined analysis of price action and Indicators Solana (SOL) price, bulls tried to hold the lower swing and pushed the price higher. However, the price is lacking momentum and trying to form a bearish flag pattern. If bulls are able to close and sustain above the recent swing high, then an upside rally may be observed.
However, if buyers fail to break above the swing high, then prices may again continue to drop and create a new swing low.
Technical levels
- Support levels at $0.061 and $0.057
- Resistance levels at $0.071 and $0.082
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
