Price Analysis

Dogecoin (DOGE) Lacks Steady Momentum & Draws a Flatline

Dogecoin, at the time of penning down this analysis, was trading at $0.00252 and appeared flat since the past week with moderate volatility. Moreover, over the past 20 days, the movement of DOGE/USD has been quite a flatline against the US Dollar, except the candlewick, which led to the lowest of the said time frame at $0.00209.

Dogecoin, along with many altcoins, has been facing a dearth of momentum to rise above the strong resistance at $0.00266, followed by $0.00270. Additionally, the coin is lacking support from 50-day MA yet retains 200-day MA support on the 3-hourly chart.

Dogecoin Price Analysis

Dogecoin News
DOGE/USD Chart By TradingView

On the 3-hourly chart by HitBTC, the Dogecoin price trend appears flat due to lack of intraday momentum while gets hit by intermittent volatility, marking steep highs and lows. Dogecoin seems weak amidst the economic crash that is going on due to the Pandemic. However, the relaxations and the opening of the economy are likely to boost all the sectors and, eventually, the crypto space as well.

Bitcoin spurred as close as $9.9k to hit the major near-term target of $10k in the same week after the 3rd Bitcoin Halving, However, currently, it is experiencing intraday pullback around $9.5k, the major daily support area and is likely to rebound after the consolidation as per the previous trends noticed in 2012 and 2016. But, if the trend reverses, unlike that of 2012 and 2016, we are likely to see a major spike in the price of BTC soon—as said by many analysts and Bitcoiners.

The technicals of Dogecoin confirm the flattish movement as the MACD turns flat with intermittent waves, and the RSI lies at 45.25, holding no trading extremities at present.

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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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