Will the Buyers Defend DOGE Price?

The DOGE price is currently trading around the demand zone near its trend line. Buyers have been defending the support zone for the past 13 months which makes the probability of a bullish rebound prominent. 

Though presently the price action is yet to give a positive reversal signal hence the investors may prefer to wait for a positive reversal candlestick pattern such as hammer,doji, or bullish engulfing candle with the backing of technical indicators to make a calculated decision.

The current value of the DOGE coin is $0.070, It has a total Market Cap of $9.83B.

An Increase in Bearish Pessimism in The DOGE Price

Investors’ opinions regarding the DOGE token seem to be taking a bearish turn at present. There is a sharp increase in the total market bearish sentiments of 47.56% within the last few weeks. Though on the contrary, the token is getting higher attention from potential buyers across YouTube. It is seeing an increase of 306.3% around the last few weeks.

Recent Increase in The Fees and TVL of DOGE

The TVL of DOGE saw a significant downfall near early August. It seems to be regaining buyers’ interest seeing an increase in its value recently near late April. The present TVL of DOGE is 1.112M observing a change of -2.94% within the last 24 hours. 

DOGE coin saw a significant decline in users, fees, and revenue of the DOGE token reached its all-time high near late April of 2022 after which there is a sharp decline at present in its value. The total fees generated by the Doge platform within the last 24 hours is $5,907. 

DOGE Price May Continue the Downtrend (Daily Timeframe)

Source:  DOGE/USDT by TradingView 

The RSI line is presently trading near the oversold levels, it may attempt to take a retest through 14 SMA. The RSI value is near 35.38 points in the oversold level points and it is taking resistance from the 14 SMA near 39.13 points.

Stochastic RSI is taking a reversal near-oversold levels on the daily timeframe. The %K recently gave a negative interception to %D. The current value of the Stochastic RSI is 27.43 points.

Conclusion

According to analysis, the price may take a bullish reversal within recent days as it has already reached its demand zone.

Technical levels –

Support –  $0.064 

Resistance – $0.091 and $0.100

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 assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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