Categories: Price Analysis

Dogecoin Continues to Consolidate After Declining by Almost 20%

In the recent bearish sweep in the crypto market, all the major coins were largely impacted, including Bitcoin. It has started to trade in the $7000 price range after it broke below $9000 and $8000 eventually.

Dogecoin Price Analysis

Here, Dogecoin is also not an exception as it has also been severely hit by the market fall. The coin was trading above $0.0024 around five days ago, and it also went as high as 0.0025 on March 6. However, after that, the currency took a downward path straight away and broke major support levels at $0.0023 and $0.0021 before it hit bottom.

DOGE/USD Chart By TradingView

The coin went as low as $0.0020, with a price decline of 19.64% day before yesterday. The currency has formed a strong bearish trendline over these last couple of days, which has been breached recently after it started to consolidate.

The ongoing consolidation phase has halted the bearish trendline, although the coin has faced rejection at $0.0022 twice over the last one day. Currently, Dogecoin’s price is struggling to initiate a clear uptrend and is trading just above its crucial support level. The coin is at $0.0021 at 11:36:43 UTC.

The MACD chart, at the moment, is about to enter the bullish zone though with its MACD line on the downside. Moreover, the short term SMA line is still below the longer one, noting a negative sign for the Dogecoin.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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