Just when the major coins of the entire cryptocurrency market are seen trading in red due to intraday correction, Dogecoin reflects no exception in the process as it trades below $0.0035, after having nosedived from the recent high marked at $0.00450. DOGE was one of the top 30 cryptos of the market until the major dip in March, which has now pulled back to be amongst the top 50 of the global crypto market.
Dogecoin that is believed to have a concurrent motion to that of Bitcoin, is seen following the latter’s market momentum as it slipped to trading close to $19k after a gainful intraday session yesterday. Dogecoin is undoubtedly a favorite cryptocurrency for many investors of this network, but the demotion may bring disbelief to many.
With this, many exchange platforms have supported Dogecoin’s listing to make it available to the masses and have a greater adoption.
Dogecoin Price Analysis
At the press time, Dogecoin price was seen trading at $0.00328 after having slipped from breaching the upper 20-day Bollinger Band but is retaining support around $0.0029 on the daily chart by both 50-day and 200-day MA. The YTD movement of DOGE/USD is seen holding a flattish trend with a lesser steep rise and dips against the US Dollar.
The MACD indicator shows a clear bearish divergence due to a price slash on the daily chart, leading to RSI slipping, wherein it currently lies at 51.02. Dogecoin price has not strengthened massively compared to other altcoins of the market, which otherwise are seen breaching major resistances. Alongside, there is no definite pattern recorded in the movement and price trend of Dogecoin against the US Dollar on the daily chart. However, the near-term support lies at $0.0029, where both the daily MAs rest.