DogeCoin Price Analysis: DOGE Crypto Rising from its own Ashes, What’s Next?

• DogeCoin price has been consolidating inside the horizontal range-bound area over the daily chart.
• DOGE crypto is trading at 20 EMA but still below 50, 100, and 200-day Daily Moving Average.
• The pair of DOGE/BTC is at 0.000003202 BTC with an intraday gain of 3.59%.

The price of DogeCoin is steadily rising on the daily price chart after briefly dropping. 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 needs to keep moving upward. Since many years ago, it has been recognized that DOGE is moving swiftly in the direction of the moon. Not least of all, DOGE is keeping the promise it made to cryptocurrency investors. Before it can fully 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. In the course of the intraday trading session, the transaction volume declined by 0.64%. This suggests that a lot of sellers are entering the market, which will cause DOGE to revert to its lower limit during the consolidation phase. The volume to market cap ratio is 0.04916.

On the daily price chart, the DOGE cryptocurrency is trading with a clear upward trend. The token is attempting to accelerate back toward the consolidation period’s upper range. As DOGE continued to fall, it was able to establish support at $0.057 before surpassing $0.060 and beginning to show signs of a recovery during the consolidation period. Now that the price of DOGE has risen above $0.078 and is rising quickly, the consolidation period must end. The volume change, however, 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 rapidly increasing. To maintain this bullish surge and cross the consolidation phase when the token is set to exit the phase of consolidation, DOGE should continue to rise. The DOGE coin is now in an uptrend, according to technical indicators.

The Relative Strength Index shows the DOGE bullish momentum. The RSI is 47 and is going in a neutral direction. The MACD displays the DOGE coin’s sideways momentum. When the MACD line ascends and crosses the signal line, a positive crossing has taken place. Now, Doge investors must wait and see if bulls attempt to break the token out of its consolidation phase.

Conclusion

The price of DogeCoin is steadily rising on the daily price chart after briefly dropping. 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 needs to keep moving upward. Since many years ago, it has been recognized that DOGE is moving swiftly in the direction of the moon. Not least of all, DOGE is keeping the promise it made to cryptocurrency investors. Now that the price of DOGE has risen above $0.078 and is rising quickly, the consolidation period must end. The volume change, however, 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 must wait and see if bulls attempt to break the token out of its consolidation phase.

Technical Levels

Support Levels: $0.055 and $0.051
Resistance Levels: $0.060 and $0.077

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the 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 his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

Latest posts by Andrew Smith (see all)