Price Analysis

Dogecoin Drifts Below 38.20% Fib and Loses Complete Support

Dogecoin that started as a meme currency in 2013 has now emerged as one of the top-rewarding projects for miners, which has even exceeded BSV and BCH. Moreover, Dogecoin has now made its place amongst the top 50 coins of the global crypto market and is ranked at 34th place with a current trading price of $0.002317. Dogecoin holds a market above $285 million after sliding from $0.0024 price area, which otherwise was beyond $300 million. Dogecoin is now preferred by many investors as a long-term asset of the portfolio.

Dogecoin Price Analysis:

Dogecoin News
DOGE/USD Chart By TradingView

Dogecoin, in the ongoing month, is seen experiencing a downfall since the onset of the month against the US Dollar. Due to a lack of momentum and support, the price trend of DOGE/USD is now consolidating below 38.20% Fib Retracement Level after plummeting below $0.0024 price area. Moreover, Dogecoin, over the past two weeks starting from June 11, 2020, was trading with a flat price trend due to no steady blow of momentum.

On the 3-hourly chart, Dogecoin is failing to retain support from 50-day and 200-day MA at $0.00235 and $0.002246 due to intraday setbacks. Additionally, the price trend of Dogecoin against the greenback was drawing a downtrend after June 25, 2020, until intraday appeared promising since June 28, 2020. With positive sentiments drawn over the past two days, the MACD chart is drawing a bullish divergence on the 3-hourly chart while the weekly movement still remains volatile and bearish. The RSI of DOGE is lying at 47.18 and has rose above 30 after intraday recovery.

The major support and resistance to watch out for lies at $0.0023 and $0.00235, followed by $0.0024, respectively.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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